Vespa maker Piaggio sees signs of recovery; Q1 weak

MILAN, April 29 (Reuters) - Italy's Vespa scooter maker and light van maker Piaggio SpA sees signs of recovery in its markets and is making market share gains despite weaker first-quarter results, it said on Wednesday. In the first quarter, the net result swung into a loss of 4.7 million euros ($6.23 million), from a profit of 3.2 million euros in the first quarter of 2008, while sales fell 16 percent to 306 million euros, it said in a statement. "The first quarter of 2009 has sharply felt the economic difficulties and problems in Piaggio's reference markets, even if from March it has been possible to take advantage of the first significant signs of recovery," it said. In Italy the company is gaining in the two-wheel sector from the impact of state incentives for certain motorcycles, it said. In Italy Piaggio's market share rose 2 percentage points to 28.3 percent in the first quarter, including a 4 percent point rise in scooter brands, it said. Piaggio shares ended up 6.08 percent at 1.3260 euros. ($1=.7547 euros) (Writing by Nigel Tutt; editing by Mike Nesbit) Keywords: PIAGGIO RESULTS (nigel.tutt@thomsonreuters.com; +39 02 66129723; Reuters Messaging: nigel.tutt.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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