Ferrari prepares to turn 70 with record profit

Milan: Italian luxury carmaker Ferrari said it had achieved record profits in 2016, bolstered by strong demand for its supercharged 488 sports cars, a fillip to the “prancing horse” firm as it prepares to turn 70.
The company announced better than expected net profits soared 38 per cent to 400 million euros ($430 million), 110 million up on 2015 and outstripping analysts’ forecasts of nearer 390 million, amid an 8.8 per cent rise in sales to 3.1 billion euros.
Traders received the news well on the Milan bourse as the automaker’s share price rose 3.73 per cent to 59.75 euros — an all-time closing high, prompting CEO Sergio Marchionne to salute “a good year” as he targeted production of 10,000 units for 2020-2025.
“We are satisfied with the progress we have made,” said Marchionne, saluting a focus on keeping costs under control to bolster operating margin.
“This achievement was led by the success of both the 488 GTB and the 488 Spider,” sports cars, the company said in a statement. — AFP