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WEAK FIRST QUARTER FOR PIAGGIO

Although Piaggio Group’s prospects are now picking up in Europe with a resurgence of powered two-wheeler retail sales, that recovery wasn’t reflected in its first-quarter 2014 financial results.
 
Overall revenue for the period — which also includes light commercial vehicles — fell by 8.8 per cent to £226.3m. Operating profit increased by 19.6 per cent to £9.6m but net profit was flat and distinctly feeble, up by a marginal 1.8 per cent to just £900,000.
 
Piaggio’s PTW sales volume in India fell by 53.6 per cent to 6100 units. Asia Pacific countries dropped by 18.2 per cent to 19,800 units. Performance in Vietnam, where Piaggio has its main regional scooter factory, was particularly poor. Developed markets encompassing Europe and the US were up fractionally, by 0.6 per cent to 50,600 units.
 
The revenue pattern was vaguely similar but without that final positive. India dropped by 51.7 per cent, Asia Pacific was 17.4 per cent in arrears and developed markets were 0.4 per cent down.
 
Global wholesale motorcycle sales into dealers (encompassing the Moto Guzzi and Aprilia brands) fell by 5.5 per cent to £32.4m. Scooters were 6.6 per cent down at £106.3m.

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