Piaggio Q1 profit slips as Asia weighs
09/05/2024 14:07
May 9 (Reuters) - Italian Vespa maker Piaggio PIA.MI
posted a 22.5% fall in its first-quarter net profit on Thursday,
as slower sales in Asian markets weighed.
Its net profit for the three months through end-March was
18.7 million euros ($20.05 million).
"After a number of slower months, since March the Far East
has been showing signs of steadying and we expect to see a
moderate improvement in sales during the year," CEO Michele
Colaninno said in a statement.
The scooter manufacturer's core profit (EBITDA) in the first
three months of 2024 fell 7.1% from a year earlier to 75.3
million euros, on a 21.3% drop in sales to 428 million euros.
The maker of the Vespa, featured in classic film "Roman
Holiday", said it aims to maintain the profitability levels of
"the last few months" for full-year 2024, despite possible
temporary slowdowns in some markets.
($1 = 0.9325 euros)
(Reporting by Romolo Tosiani; Editing by Kirsten Donovan)
((Romolo.Tosiani@tr.com;))