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Piaggio sales drop for first quarter

May 8, 2008
Filed under Features

Piaggio SpA first-quarter results fell from a year earlier, depressed by weak European and American sales and the impact of foreign exchange, Thomson Financial reported May 7.

Net profit was 3.2 million euros ($4.9 million), against 9.7 million euros ($14.9 million) in the 2007 first quarter. Sales came in at 363.9 million euros ($560.2 million), down 7.7 percent.

“Sales were influenced by the lower impact of the five-year BMW order (for engines), 11 million euro ($16.9 million) down from first quarter 2007,” the company said in a statement.

Sales were also depressed “by the appreciation of the euro against the dollar, the Indian rupee and sterling, with a negative impact on sales for about 4 million euro ($6.2 million),” Piaggio said.

European and American sales were down 10 percent, excluding the BMW effect, and up 12.1 percent in India and up 41.5 percent in Asia Pacific, the company reported.

In the first quarter, unit sales fell to 150,600, from 159,800 in the first three months of 2007, the company said.

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