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.
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.
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)