Coffee maker Massimo Zanetti confirms 2019 guidance after subdued Q1

MILAN: Italian coffee roaster Massimo Zanetti said on Thursday it confirmed its forecast for profitability growth in 2019, despite a slight fall in core earnings in the first quarter.

The group -- which owns a portfolio of brands including Segafredo, Boncafe and Puccino's -- said its core earnings adjusted to exclude the impact of new accounting standard IFRS 16 fell 3 percent to 14.8 million euros ($17 million).

Revenues reached 218 million euros, up 3 percent at current exchange rates but stable at constant rates between January and March.

Net debt rose to 250 million euros at end-March after the effect of IFRS 16.

Excluding the new accounting standard the debt was 204 million euros, up from 175 million euros at end 2018.