Ferrari still prancing with profits

Ferrari is celebrating a good result even as it prepares to redeem itself in Formula 1. According to the Fiat Group's first quarter 2009 results, released to the board of directors and the financial community yesterday, Ferrari was the most profitable of all of its companies in the first three months of the year.

Despite the fact that the world financial crisis has resulted in a severe collapse of the car market, the Prancing Horse ended the first quarter of 2009 with a trading profit of 54 million euro (about S$105 million).

This is not only the highest profit recorded in any of the various Fiat Group sectors but is also one of the few positive signs to appear in the first quarter results of any automotive company anywhere in the world.

Sales of the Ferrari California are proving particularly brisk, too. The California will now be flanked by the new additions to the Prancing Horse range unveiled at the recent Geneva Motor Show - the Handling GT Evoluzione Package for the 599 GTB Fiorano and the 599XX prototype which features the most advanced technologies currently available.