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Business

Ferrari boasts rising sales and profit

Italian luxury sports carmaker Ferrari has reported strong third-quarter results despite a challenging market environment. The company logged its steepest sales rise in China, while the rest of Asia proved difficult.

Ferrari on Monday booked a record third-quarter profit of 113 million euros ($126 million), marking a 20-percent rise over the same three-month period a year earlier.

The Maranello, Italy-based automaker said revenue in the quarter was up 8 percent to 783 million euros. It noted the success was attributable to its sales of 12-cylinder models, notably the F12df, the four-seat GTC4Lusso and the newly launched LaFerrari Aperta.

The Italian carmaker reported shipments of 1,978 vehicles for the July-to-September period, emphasizing that its sales to China had increased by 15 percent.

Rosy outlook

Also picking up were sales to Europe and the Americas, while Asia outside of greater China proved a difficult market with shipments there decreasing due to logistical delays caused by a shipment carrier.

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Ferrari confirmed its forecast of shipments for the whole year at around 8,000 units, with revenues to pick up by 3 percent.

The group revised its earnings guidance upward on the strong third-quarter results, saying that pre-tax profit would come in at above 850 million euros for 2016.

In the past quarter, Ferrari also booked higher engine revenues on Maserati sales and rentals to other Formula 1 teams as well an increase in sponsorship and brand earnings.

hg/sri (Reuters, AFP)

 

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