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Italy's Massimo Zanetti Sees Profits Decline In H1

Published on Aug 13 2019 7:40 AM in A-Brands tagged: Europe / Italy / Massimo Zanetti Beverage Group / Paywall

Italy's Massimo Zanetti Sees Profits Decline In H1

Italian coffee giant Massimo Zanetti Beverage Group (MZBG) closed the first half of its financial year with 51.6% year-on-year decline in net profit to €3.5 million.

The company has attributed the decline to the of implementation of the new IFRS 16 accounting standards and an increase in 'other financial charges'.

Operating profit amounted to €11.7 million during this period, down 16.9% year-on-year.

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