PIAGGIO/ Net profit 3.1 million euro in first quarter 2020
Milano, 8 maggio (L&F) - The Piaggio Group reported a net profit for the first quarter of 2020 of 3,1 million euro (7.8 million euro in the first quarter of 2019). Consolidated net sales totalled 311,4 m lneuro (-10,1%). The industrial gross margin was 88.1 million euro, -15.2%. "Operating management made it possible to absorb overheads at the manufacturing plants in Europe, India and Asia affected by the health regulations for the prevention of Covid-19" the company said. The return on net sales was 28,3% (30% at 31 March 2019). Group operating expense in the first quarter of 2020 amounted to 78,1 million euro, -6.2%. "The decrease was largely due to the suspension of activities in Italy and India in March as a consequence of the health emergency". Consolidated Ebitda was of 39,8 million euro, down by 19,5% (-18,5% at constant exchange rates) from 49,5 million euro in the first quarter of 2019. The Ebitda margin was 12.8% (14.3% at 31 March 2019). Ebit amounted to 10 million euro, -51,.6%. The Ebit margin was 3.2% (6% at 31 March 2019). Profit before tax in the first quarter was 5,2 million euro, a reduction of 63.3% from 14.2 million euro in the year-earlier period.
"Despite the dreadful emergency created by the world pandemic, the Piaggio Group - Piaggio Group Chair and Ceo Roberto Colaninno underlined - has successfully passed the first-quarter test and is investing in the future in terms of sustainable, technologically advanced mobility for people as well as for goods transportation. 2020 is obviously a complicated year and it is difficult to have any certainties, but every decision is and will be considered very carefully to ensure we maintain adequate capital ratios. I am confident, it couldn’t be otherwise".
In the first quarter Piaggio sold 117.100 vehicles worldwide (140,400 in the year-earlier period), and reported consolidated net sales of 311,4 million euro. Two-wheeler sales rose in Asia Pacific (+3.5%), mitigating in part the fall in sales in the EMEA and Americas area (-8.3%) and India (-28.5%) caused by the health emergency.
