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Ferrari says higher deliveries behind rise in profits

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Ferrari has said second-quarter profits rose 14% on higher deliveries, driven by its Portofino and 812 Superfast brands.

The Italian luxury sports car manufacturer said on Friday that net profit in three months to end-June came in at €184 million, up from €160 million in the same period last year.

Net revenues were up nearly 9% at 984 million euros.

Total shipments were 2,671, an increase of 8% over the previous year.

Sales dropped by 6% in the Americas to 803 vehicles due to model shifts in the 488 family.

Europe and the Middle East, the largest market, grew by 11% to 1,195 vehicles.

Ferrari confirmed its full-year revenue targets of above 3.5 billion euros and earnings before tax and interest of between €1.2 billion and €1.5 billion.

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