Piaggio Group reports Q1 2010 results
New Vietnam facility pays dividends
Net profit totaled 2.9 million euros (US$3.8 million) over the quarter, a turnaround from the loss of 4.7 million euro (US$6.2 million) reported over the first quarter of 2009.
The Piaggio Group, which consists of Piaggio, Aprilia, Derbi, Gilera, Moto Guzzi, and Vespa, shipped 143,730 vehicles over the first quarter, a 19.7% increase from the 120,100 units shipped in the same quarter of 2009.
Focusing only on the Group’s two-wheeled business, the Piaggio Group sold 87,580 motorcycles and scooters, up 12.4% from 2009. Most of the Group’s two-wheeled sales were in the European market with 71,400 units shipped across the continent. European sales rose only 3.4% from 2009, but that’s an impressive result considering the European market for motorcycles decreased 10.6% while the scooter segment dropped 11.1%.
The Piaggio Group also benefited from the opening of a new production facility in Vietnam. Shipments in the Asia Pacific region increased five-fold to 15,000 units, resulting in sales totaling 33.7 million euros (US$44.6 million).
For 2010, the Piaggio Group is aiming to increase sales of its three- and four-wheel commercial vehicles in India and Europe while continuing growth of its motorcycle brands. The Piaggio group is also planning a new production facility in India for diesel and turbodiesel engines.