February 28, 2018 / 3:01 PM / a year ago

U.S. tax reform lifts 2017 net profit at coffee maker Zanetti

MILAN (Reuters) - Net profit at Italian coffee maker Massimo Zanetti (MZB.MI) rose 8 percent last year helped by fiscal reform in the United States, which lowered taxes the group pays overseas.

The owner of Segafredo, Chock full o’Nuts and Puccino coffee brands said on Wednesday full-year net profit came in at 18.1 million euros as taxes more than halved at 4.85 million euros ($6 million). Nearly half of Zanetti’s sales are in the U.S.

In 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) rose nearly 10 percent year-on-year to 75 million euros, net of non-recurring costs of 6.3 million euros

linked to restructuring operations in Portugal, Spain and Italy.

The group expects revenue to rise between 2 and 4 percent and adjusted EBITDA to grow between 5 and 8 percent this year.

Sales in 2017 were up 4.2 percent at current exchange rates but volumes of sold ground coffee fell 1.3 percent.

Reporting by Francesca Landini, editing by Giulia Segreti

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