Piaggio Q1 profit slips as Asia weighs

(Reuters) - Italian Vespa maker Piaggio posted a 22.5% fall in its first-quarter net profit on Thursday, as slower sales in Asian markets weighed.

Its net profit for the three months through end-March was 18.7 million euros ($20.05 million).

"After a number of slower months, since March the Far East has been showing signs of steadying and we expect to see a moderate improvement in sales during the year," CEO Michele Colaninno said in a statement.

The scooter manufacturer's core profit (EBITDA) in the first three months of 2024 fell 7.1% from a year earlier to 75.3 million euros, on a 21.3% drop in sales to 428 million euros.

The maker of the Vespa, featured in classic film "Roman Holiday", said it aims to maintain the profitability levels of "the last few months" for full-year 2024, despite possible temporary slowdowns in some markets.

($1 = 0.9325 euros)

(Reporting by Romolo Tosiani; Editing by Kirsten Donovan)