Record profits put Ferrari in pole position for 2016

[ROME] Italian luxury sports car maker Ferrari said on Monday it clocked up its best profits ever in the first quarter, setting it up for record earnings for the full year 2016.

Net profit rose 19 per cent in the first three months of the year from the same period in 2015, to 78 million euros (S$119.9 million).

Revenues were up just under 9 per cent, and Ferrari cut its debt by 15 million euros to 782 million.

Ferrari delivered 1,882 cars in the quarter, up 15 per cent, it said in a statement headlined "Strongest ever Q1, on the way to another record year".

Volume growth was driven by the automaker's eight-cylinder (V8) segment, including two new models, the 488 GTB and the 488 Spider.

Shipments of its V12 models declined by six per cent.

Among Ferrari's main world markets, Europe, the Middle East and Africa recorded the highest unit growth at 24 per cent, while China, Hong Kong and Taiwan increased by 16 per cent.

Shipments to the Americas rose by a comparatively weak two per cent.

AFP