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Ferrari SpA Announces 1998 Results
Ferrari SpA sales and pretax profits rose sharply in 1998, but the consolidation of 50 percent of Maserati losses almost halved the net result.
Consolidated net profit decreased 46 percent to L15.7 billion ($8.7 million) in 1998, from L28.9 billion ($16 million) in 1997. The 1998 results include extraordinary changes at Maserati. Ferrari's parent company, Fiat SpA, transferred Maserati to Ferrari in July 1997. Maserati was not included in the 1997 results.
Consolidated profit before taxes and extraordinary items grew to $29.7 million in 1998 from $21 million a year earlier. Sales climbed 14.5 percent to $663 million from $580 million.
Not including Maserati, pretax profit grew 13.8 percent to $26.8 million, representing 8.1 percent of sales. Ferrari sales rose 7.2 percent to $511 million.
Maserati lost $27.4 million in 1998 on sales of $40.7 million.
Ferrari will invest $222.2 million to relaunch Maserati in 2001. In 2002, Ferrari is expected to take over the remaining 50 percent of Maserati owned by Fiat SpA.
Source : Luca Ciferri, Automotive News Europe
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