Ferrari 2016 profits soar as sales top 8,000 vehicles

Ferrari aims to make more cars this year and is forecasting 2017 shipments above 8,400 vehicles and revenues of 3.3 billion euros.

MILAN: Luxury Italian sports carmaker Ferrari says profits last year soared by 38 per cent 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 per cent to 8,014 vehicles, while net revenues increased 9 per cent 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.

The carmaker said fourth-quarter profits doubled to 112 million euros on a 12-per cent increase in revenues to 836 million euros, despite a 4 per cent fall in shipments to 1,940.