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1,119 views February 11, 2009

Feb.12 (GMM) The world might be gripped by a financial crisis, but Ferrari is continuing to make money, according to reports.

The Italian marque's board met at Maranello this week and revealed 17.6 per cent sales growth for 2008; a record for the Prancing Horse, thanks mainly to strong sales of the 430 Scuderia road car.

Sales growth in 2007 was 15.9 per cent.

Ferrari said it had successfully cut costs and upped efficiency, as well as increased other commercial initiatives and Ferrari-brand licensing by 28 per cent.

President Luca di Montezemolo, however, was cautious about 2009, admitting that it "is hard to say how the situation will develop from here".