Luxury sportscar maker Ferrari has surged back to second-quarter growth, posting a 206-million-euro ($245 million) profit on Monday after seeing its earnings drop precipitously in the same period a year ago due to the pandemic shutdown.
Based in the northern Italian city of Maranello, Ferrari said net profit for the three months ending June 30 compared with 9 million euros last year, when the company was forced to shut production for seven weeks. It was also an improvement over the 184 million euro profit posted in the same period of 2019, before the pandemic, AP reports.
Shipments nearly doubled in the quarter to 2,685, along with net revenues, which surged to 1.03 billion euros from 571 billion euros a year earlier. That was also an improvement of 5% over the same period in pre-pandemic 2019.
Ferrari posted first-half profits of 412 million euros, up from 175 million euros in the same period last year.
On the strength of the earnings, Ferrari raised its forecast on industrial free cash flow to about 450 million euros, up from 350 million euros.
Ferrari has announced a new CEO, Benedetto Vigna, an Italian executive, at Europe’s largest semiconductor chipmaker, who will start his tenure Sept. 1.
See all the news
#FORBESკვირა - როგორ გამდიდრდა Pfizer?
Kazakhstan’s Share of Bitcoin Mining Increases Sixfold Surging to Third Place Worldwide
Israel Bans Travel In Georgia From July 30
Novartis Prostate Cancer Drug Receives U.S. FDA Breakthrough Designation
Mymarket-ის აპლიკაცია ჩაშვებულია!
The Success of 5 Georgian Wines at Sommeliers Choice Awards 2021
მანინო უწერა - ახალი სასტუმრო რაჭაში
სილამაზის ინდუსტრიის გამოწვევები და #AVON-ის ფინანსური მაჩვენებლები
Investors in Georgia discover that Ease of Doing Business rankings can be deceptive
Baia Kvitsiani to Replace Mariam Kvrivishvili In The Parliament
Who Is Vazil Hudak?
PM Appoints Vazil Hudak As A Special Advisor on Attracting FDI
Exclusive Follow-Up/Interview with Selim Cakir, IMF Representative in Georgia
Czech Development Agency Delegation to Visit Georgia
Turkey Probably to be Replaced by Egypt for Russian Tourists
Average Monthly Pension in Azerbaijan Increased by 14.7% in 2020
GNCC demands reversal of a transaction on which they don’t have a jurisdiction - Law Professor
ფარმადეპო: „მედიკამენტები 1 ლარად“ - ქეთი კოზმანაშვილი ქალების ნარატივში
Georgia's business community responds to the sharp devaluation of GEL