MILAN, July 28 (Reuters) - Italian motorcycle and scooter maker Piaggio on Monday reported a slight drop in first-half core earnings, as a recovery seen in Europe in the first quarter slowed down and as currency swings hit sales.
The maker of the iconic Vespa scooter and Aprilla motorbikes said earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 94 million euros ($126 million) from 100.6 million euros in the same period last year. The result compares with a Thomson Reuters SmartEstimate of 99 million euros.
Net profit stood at 16.5 million euros, compared with 25 million last year.
Consolidated net sales dropped to 629 million euros from 671.5 million euros and slightly below a SmartEstimate of 636 million euros. The strength of the euro against the U.S. dollar and Asian currencies had a negative impact of 26.4 million euros, Piaggio said.
In its business plan released in March, the company forecast 70 percent growth in core earnings between 2013-2017 to around 250 million euros, helped by expectations of a gradual economic recovery in Europe and expansion plans in Asia. ($1 = 0.7443 Euros) (Reporting by Agnieszka Flak)