UPDATE 1-Vespa-maker Piaggio's sales drop to nine-year low

Newswire

(Adds details from earnings release, shares) MILAN, July 26 (Reuters) - Italian motorcycle and scooter maker Piaggio's first-half sales fell 12 percent to their lowest since 2004 and net profit tumbled 25 percent as Europe's five-year motor industry slump persists. The maker of Vespa scooters said the strength of its brand as well as cutting back on investment and other costs allowed it to maintain its EBIT profit margin at 15 percent, matching 2012. ...

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