Piaggio Group files first quarter with net income of 18.7 million euros, down 22.5 percent from the same period in 2023.

Consolidated revenues amounted to 428 million, down 21.3 percent. As of March 31, the group had sold a total of 120,300 vehicles worldwide (down 22.3 percent from the first quarter of 2023), a note said.

Ebitda stood at 75.3 million (down 7.1 percent).

In the absence of further critical factors in the global macroeconomic environment, the group aims to maintain the profitability levels achieved in recent months, regardless of the possible temporary slowdown in some markets, the note says.

"The drop in sales recorded in the first quarter by the group reflects the trend of sales in Asian markets," CEO Michele Colaninno points out. "Since March, after several months of decline, the Far East area has been showing signs of stabilization and a moderate improvement in sales is expected during the year," he adds.

(Giancarlo Navach, editing Sabina Suzzi)