MILAN, March 1 Italian coffee maker Massimo
Zanetti expects core profit to rise between 10 and 12
percent this year accelerating from a 5 percent increase in
2016, it said on Wednesday.
The group, which owns the Segafredo, Chock full o'Nuts and
Puccino's coffee brands, said adjusted earnings before interest,
tax, depreciation and amortisation (EBITDA) totalled 68.3
million euros ($72 million) last year.
Last year roasted coffee sales volumes increased by 2.9
percent to 131,161 tons, boosted by the consolidation of
Portugal's Nutricafes, which the group bought in July.
A decrease in the average sales prices of roasted coffee
took a toll on consolidated revenues, which fell 2.6 percent to
917.5 million euros. Sales of coffee pods rose instead by 23.5
The Veneto-based group sees sales volumes rising between 2
and 4 percent this year.
($1 = 0.9495 euros)
(Reporting by Francesca Landini, editing by Valentina Za)