(Alliance News) - The board of directors of Piaggio Spa reviewed and approved the quarterly financial report as of March 31, closing the perid with a net profit of EUR18.7 million compared to EUR24.1 million in the same period last year.

Consolidated group net revenues were EUR428 million from EUR543.9 million as of March 31, 2023.

Industrial gross margin was EUR130.1 million compared to EUR145.4 million as of March 31, 2023. As a percentage of sales, it was 30.4 percent from 26.7 percent as of March 31, 2023.

Consolidated Ebitda was EUR75.3 million compared to EUR81.0 million as of March 31, 2023, with margin is 17.6% from 14.9% as of March 31, 2023.

Operating income was EUR41.3 million from EUR44.9 million as of March 31, 2023. Ebit margin was 9.7 percent from 8.2 percent as of March 31, 2023.

Earnings before taxes for the period were EUR28.3 million compared to EUR36.5 million in the same period last year.

Net financial debt as of March 31 was EUR498 million from EUR434 million recorded as of December 31, 2023.

Michele Colaninno - ceo of the Piaggio Group - commented, "The drop in sales recorded in the first quarter by the Group reflects the trend of sales in Asian markets, which, by contrast, in the first three months of 2023 marked the highest performance ever. In addition, the comparison with last year's first quarter reflects the necessary rebalancing of inventories made by global distribution networks to anticipate the introduction of the new emission regulations that come into force between 2024 and 2025 for two-, three- and four-wheeled vehicles."

Piaggio on Thursday trades in the green by 1.6 percent at EUR2.90 per share

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.