Ferrari records record profit for 2008

Ferrari records record profit for 2008

Ferrari records profit

Following a record first-quarter profit for Ferrari, the global economic slowdown and a tightening credit market threatened to ground what had looked like a promising year to a halt. There was talk of tough times at Ferrari. But Ferrari’s ledger book has stayed strong according to the company, with a 17.6% return on sales.

That signals a 1.6% upturn over 2007, an amazing result considering the industry’s turmoil. Ferrari credits its cost-cutting measures as much as its wide range of cars and relatively strong sales with the against-trend result. Research and development budgets increased over the year despite the economic downturn, rising to 18% of revenues.

Total revenues for 2008 totalled €1.921 billion, up 15.2% from 2007, largely due to sales of the 430 Scuderia and strong continued performance from the 612 Scaglietti and 599 GTB Fiorano. Total sales volume was 6,587 cars, up by 2% or 122 cars from 2007. North America was once again the largest market for the Prancing Horse, accounting for 1,700 cars of the total.

Ferrari records profit

Following a record first-quarter profit for Ferrari, the global economic slowdown and a tightening credit market threatened to ground what had looked like a promising year to a halt. There was talk of tough times at Ferrari. But Ferrari’s ledger book has stayed strong according to the company, with a 17.6% return on sales.

That signals a 1.6% upturn over 2007, an amazing result considering the industry’s turmoil. Ferrari credits its cost-cutting measures as much as its wide range of cars and relatively strong sales with the against-trend result. Research and development budgets increased over the year despite the economic downturn, rising to 18% of revenues.

Total revenues for 2008 totalled €1.921 billion, up 15.2% from 2007, largely due to sales of the 430 Scuderia and strong continued performance from the 612 Scaglietti and 599 GTB Fiorano. Total sales volume was 6,587 cars, up by 2% or 122 cars from 2007. North America was once again the largest market for the Prancing Horse, accounting for 1,700 cars of the total.

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