Home Business NewsBusiness Supercar group Ferrari profits jump 17 per cent in third quarter

Supercar group Ferrari profits jump 17 per cent in third quarter

3rd Nov 17 9:36 am

Ferrari chairman also warns it could quit F1 over Liberty’s proposals

Italian sports-car maker Ferrari has recorded a 17 per cent rise in its pre-tax profit in the third quarter and is on course to rake in a record £766m in profit this year, reports suggest.

In a conference call today to discuss Ferrari’s latest financial results, CEO and chairman of the Italian manufacturer Sergio Marchionne said that Ferrari’s adjusted profits for the first nine months of 2017 were up 24 per cent.

Marchionne also annpounced that he was unimpressed with certain directions that Liberty Media had proposed and went on record to state that it could quit if it was not happy. Manufacturers like Mercedes and Renault have already questioned Liberty’s plans for Formula One earlier.

“Liberty has got a couple of good intentions in all of this, one of which is to reduce the cost of execution for the team, which I think is good,” said Marchionne.

“[But] there are a couple of things we don’t necessarily agree with…I would not countenance this going forward.”

“…I understand that Liberty may have taken these into account in coming up with their views, but I think it needs to be absolutely clear that unless we find a set of circumstances, the results of which are beneficial to the maintenance of the brand, and the marketplace, and to the strengthening of the unique position for Ferrari, Ferrari will not play.”

According to media reports, Marchionne’s announcement comes amid speculation that the manufacturer could lose its exclusive financial bonus from F1 as part of the restructuring of its income distribution.

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