Ferrari Q1 profits reach $77-M

Posted at 06/09/14 6:44 PM

MANILA, Philippines – Italian car manufacturer Ferrari posted net profits of over 57 million euros ($77 million) in the first quarter of this year, an increase of 5 percent from the same period last year.

The company said revenues improved by 12.5 percent to 620 million euros despite a 6 percent drop or 1,699,100 less road cars delivered in the first quarter.

“We want to keep total production of the cars in our range under the 7,000 mark once again this year whilst strengthening our economic results. This target poses an even greater challenge in the light of the very substantial investments we are making in both our product and Formula One where an exceptional effort, financially as well, is required to bridge the gap with our competitors,” Ferrari board of directors chairman Luca di Montezemolo said.

Ferrari’s performance in the US market continues to improve despite deliveries being restricted, posting an 8 percent growth with 494 Ferraris sent across the Atlantic.

The Middle East and China markets also grew by 6 percent and 4 percent, respectively.

Japan, meanwhile, nearly doubled its market with 128 cars delivered, 57 more than in the first quarter of 2013.

United Kingdom remains Europe’s leading market with 168 cars delivered, up 3 percent from last year.

Sales have also picked up once again in Italy with 63 cars were delivered, an increase of 13 percent.

However, the company said that on an annual basis, it expects the domestic market to remain marginal, accounting for less than 3 percent of total deliveries.