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Record first quarter profit for Ferrari and Maserati

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Record first quarter profit for Ferrari and Maserati

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Despite the downturn in the U.S. auto market - one of the most important for either brand - and the generally weak global economy, Ferrari and Maserati are measuring their profitability in the millions for the first quarter of 2008. Strong V12-model sales at Ferrari and GranTurismo sales for Maserati formed the foundation of the quarter's success.

Ferrari sold four percent more 612 Scagliettis and 599 GTB Fioranos than the same period last year, a total of 1,654 cars. Revenue jumped 20% despite the modest increase in sales, to €456 million, while profit rose nealry 200% from €31 million to €59 million, reports Autmotive News.

Perhaps best of all, the gains for Ferrari are in comparison to its best year ever - 2007 - during which the company gained over 15% in revenues and grew profit by 45% over the previous year.

Maserati's strong GranTurismo sales resulted in 2,234 cars delivered, a rise of 21.3%. Maserati's second year in the black after a nearly two-decade dip in the red saw profit rise to €10 million, an increase of €11 million over the million-euro loss of Q1 2007.