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Piaggio Q1 profit slips as Asia weighs

Reuters
·1-min read
Vespa scooters are seen at the Piaggio Museum during the celebrations to mark the 50th anniversary of Vespa Primavera in Pontedera

(Reuters) - Italian Vespa maker Piaggio 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.

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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)