Piaggio first-half net profit drops to 25 million euros

MILAN Fri Jul 26, 2013 7:53am EDT

MILAN (Reuters) - Italian motorcycle and scooter maker Piaggio's (PIA.MI) consolidated sales extended a four-year slide in the first half, it said on Friday, depressing net profit as its core market for scooters and motorbikes continued to fall.

Consolidated sales for the first half were 671.5 million euros ($888.8 million), down from 764.0 million for the same period a year ago.

Piaggio's net sales have fallen for the past four out of five consecutive years to their lowest since 2004.

Net profit was 24.9 million euros, down from last year's 33.7 million euros. EBITDA was 100.6 million euros, down from 114.4 million euros last year.

Piaggio said it will "continue in the direction of" its 2011-2014 business plan, which targets sales of 1.03 million vehicles in 2014 for consolidated sales of 2 billion euros.

It said it will bring forward the presentation of its new 2014-2018 business plan to the end of this year.

(Reporting by Jennifer Clark, editing by Danilo Masoni)

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