Piaggio net profit rises to $92 million in 2006
March 16, 2007
Filed under Features
Italian scooter maker Piaggio & C. SpA said Friday that its net profit nearly doubled in 2006 as it booked good sales growth in markets like India and the U.S. and paid less in taxes than a year earlier.
In a statement, Milan-based Piaggio, the maker of the iconic Vespa scooter, said net profit for 2006 was euro70 million ($92 million U.S.), 85 percent higher than 2005’s euro37.9 million.
Piaggio, which has undergone a turnaround under Chairman Roberto Colannino, launched a successful initial public offering last summer.
Colannino, who also took the role of CEO in October, last month declared that the reorganization phase had been completed and that the company was now looking to grow, setting sights on Vietnam and Brazil in the next three years. Piaggio has already expanded into China and India.