Piaggio H1 sales 968 mln eur, up 7.2 pct UPDATE |
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Wed, 25 Jul 2007 13:09
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(adds further chairman comment)PONTEDERA, Italy (Thomson Financial) - Piaggio SpA chairman Roberto Colaninno said first-half sales rose 7.2 pct to 968 mln eur.Speaking to reporters, Colaninno noted that the first half of 2006 included a major order from the Italian post office and that stripping out this effect, first half would have risen 100 mln eur this year.Piaggio officials said the post office order was worth 40 mln eur for 27,000 vehicles, of which 24,000 were delivered in the first half of 2006.Colaninno said net debt fell 38 mln eur to 280 mln at end-June from end-December.He said Piaggio's plans to expand in Asia are going forward, particularly in China and India, while the company continues to examine the Brazil market.'Today, we are working for 2010 and 2011. Asia is central in the next years, India and China,' he said.On Piaggio's seven vehicle brands, he added that all these were progressing well and are in profit, noting particularly improvements at Moto Guzzi.Piaggio is working on a major development project for the Aprilia brand and will present new products next year, the chairman said.On second half prospects, he said these are positive, with some regions of the world performing stronger than others and overall in line with its long-term business targets.Colaninno declined to comment on margins before Piaggio's results are announced in September.nigel.tutt@thomson.compw/slj/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Piaggio long-term rating raised on financial improvement, outlook stable - S&P 