April 7, 2014 / 7:31 AM / in 4 years

CORRECTED-Piaggio warns of lower Q1 revs, plans high-yield bond

(Corrects rupee to rupiah in second paragraph, adds dropped word in fourth paragraph)

MILAN, April 7 (Reuters) - Italian scooter maker Piaggio estimates a fall of around 8 percent in first-quarter net revenues at current exchange rates, as a weaker Indian rupee deepens a drop in sales on that market.

Piaggio said rising sales in the United States and Europe had only partially offset shrinking overall sales in Asia. The strength of the euro against currencies such as the U.S. dollar and the Indonesian rupiah and the Vietnamese dong had added to the fall in revenues.

At constant exchange rates, sales are estimated to have fallen by about 4 percent year-on-year in the first three months. However, Piaggio said that it saw flat margins in the same period for its operating and core profits.

The company also said that, taking advantage of favourable market conditions, it may launch an exchange offer on a 150 million euro bond due in 2016 to reimburse it ahead of maturity.

The company may finance that by issuing a 200 million euro high-yield bond due in 2021. (Reporting by Valentina Za; editing by Francesca Landini)

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