Ferrari 2016 profits soar as sales top 8,000 vehicles
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Luxury Italian sports carmaker Ferrari says profits last year soared by 38 percent on higher volumes of the 488 mid-engine family, which is key to the company's growth plans.
Ferrari on Thursday reported 2016 net profit of 400 million euros ($432 million), up from 290 million euros last year. Shipments last year rose by 4.6 percent to 8,014 vehicles, while net revenues increased 9 percent to 3.1 billion euros.
Ferrari aims to make more cars this year and is forecasting 2017 shipments above 8,400 vehicles and revenues of 3.3 billion euros.
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The carmaker said fourth-quarter profits doubled to 112 million euros on a 12-percent increase in revenues to 836 million euros, despite a 4 percent fall in shipments to 1,940.