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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