Vespa maker Piaggio boosts margin despite slowdown in Asia and America

Vespa scooters are seen at the Piaggio Museum during the celebrations to mark the 50th anniversary of Vespa Primavera in Pontedera·Reuters
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(Reuters) - Italy's Piaggio, maker of the iconic Vespa scooter, posted on Monday a slightly higher core profit margin but a decrease in EBITDA in absolute terms in the first half of the year due to a market slowdown in Asia and America.

Piaggio's EBITDA margin came at 17.5%, up 1.1 percentage points from the same period in 2023, while the scooter and motorbike maker's EBITDA totalled 173.8 million euros ($188.2 million), down 9% from a year earlier.

"Our goal continues to be to confirm excellent margins in the second half, even if sales should continue to decline," CEO Michele Colaninno said in a statement.

Colaninno added that he expects "recovering markets in some regions of south-east Asia", after Piaggio experienced a slowdown in its first-quarter Asian sales.

($1 = 0.9228 euros)

(Reporting by Philippe Leroy Beaulieu; Editing by Keith Weir)