Vespa maker Piaggio posts record nine-month profit
30/10/2023 11:29
Oct 30 (Reuters) - Italian scooter manufacturer Piaggio PIA.MI
reported a 13.8% jump in its nine-month core profit on Monday, as strong
performance in the Americas and Europe, Middle East and Africa (EMEA) regions
offset a temporary slowdown in Asia.
"The improvement in customer perception of our brands and products around
the world has enabled us to achieve very interesting margins, which we should
consolidate in the coming years," CEO Michele Colaninno said in a statement.
The producer of the eponymous two-wheelers said its earnings before
interest, taxes, depreciation and amortisation (EBITDA) rose to 269.3 million
euros ($284.78 million) in the nine months through September, its highest ever
result for the period. Its EBITDA margin stood at 16.6%, up from 14.5% in June.
The maker of status symbol Vespa, featured in classic film Roman Holiday,
also confirmed its planned investments in new products in the two-wheeler sector
and in commercial vehicles, supported by productivity improvements.
($1 = 0.9456 euros)
(Reporting by Federica Urso; editing by Milla Nissi)
((federica.urso@tr.com))