Milan

Piaggio profit, sales down so far in 2013, Vespa does well

Scooter-maker to introduce new business plan on fresh outlook

Piaggio profit, sales down so far in 2013, Vespa does well

Milan, July 26 - Piaggio said net profit in the first six months of this year dropped to 25 million euros compared to 33.8 million euros in the year-earlier period, as both earnings and revenue were eroded by global economic uncertainty. Revenue in the period totalled 671.5 million euros compared with 764.1 million in the first six months of 2012. The company said it would be introducing a new business plan ahead of time to reflect the shifting economic outlook. "In light of continuing difficulties related to the macroeconomic contest, Piaggio will introduce before the end of the year a new strategic plan for 2014 through 2018," the company said, noting it would come before the current plan timeframe expires. The Italian scooter-maker posted a 30.9% jump in its Vespa brand sales internationally, which sold a record 105,500 units. Its Moto Guzzi brand sales meanwhile benefited from an 11.2% gain in sales. Piaggio is still the dominant two-wheel-vehicle producer in Europe with a 17% market share. Its slice of the scooter market in Europe totals 26.6%, while in Italy it controls 22.5%.

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