Ferrari gallops to record net profit in 2016

RED HOT STREAK: Ferrari's new GTC4Lusso drawing attention at the car's Australasian launch in Sydney in May. The sportscar maker is hoping to


    Aug 04, 2016

    Ferrari gallops to record net profit in 2016


    ITALIAN sportscar maker Ferrari said on Tuesday it was headed for a record net profit this year after posting its best-ever quarterly results.

    "A record second quarter, on the way to another record year," said the luxury automaker.

    Net profit grew 29 per cent in the three months to June to 97 million euros (S$146 million) on sales of 811 million euros, up 5.9 per cent.

    The results beat forecasts by analysts who had been looking for net profit of 85 million euros and sales of 785 million euros, according to consensus data compiled by Factset.

    Ferrari delivered 2,214 cars in the second quarter, up 8 per cent from the year-earlier period.

    Unit sales to China alone rose by 26 per cent, to 160.

    Ferrari is now looking to sell more than 8,000 vehicles over the full year and to generate sales of more than three billion euros.

    Ferrari shares, which had been trading lower in Milan ahead of the announcement, were up 1.7 per cent at 41.17 euros in late afternoon, bucking a sharply weaker overall market trend.