MILAN (Reuters) - Italy’s Piaggio (PIA.MI) said net profit and revenue fell in the first nine months of the year as scooter and motorcycle sales contracted in Europe.
The group, which has seen growth in new markets like India help offset declining sales in Europe, said on Friday it would continue pursuing its 2011-2014 business plan.
“Rigorous cost cutting measures and productivity increases enabled the group to maintain its profit margins without slowing the pace of its global expansion strategy outlined in the 2011-2014 plan,” the company said.
Revenue fell to 1.11 billion euros from 1.2 billion euros for the same period a year ago, and net profit fell to 44.4 million euros from 47.1 million euros previously. It did not provide quarterly figures.
Piaggio sold 475,200 vehicles in the first nine months, down from 512,200 the year before.
The company has invested in a new factory in India, where it started building its famous Vespa scooter for the Indian market in April. It opened a new scooter engine factory in Vietnam in March to supply the scooter plant it opened there in 2009.
Reporting by Jennifer Clark; Editing by Helen Massy-Beresford