So much for austerity. You know the rich are getting insanely richer when Ferrari posts revenue numbers like these.
Net profits jumped 9.8 percent in the first six months of the year to 127.6 million euros ($165.1 million), and revenue surged 14.5 percent from the same time a year ago to an “absolutely unprecedented” 1.35 billion euros, helped by higher sales in the US, Japan, Australia and Britain.
Outgoing Ferrari President Luca di Montezemolo said in the statement:
“It is a huge satisfaction for all of us at Ferrari to continue to achieve record economic results. I’m sure that in a few months we will close an extraordinary year without precedent.”
Yahoo News also reports that Ferrari announced…
[Ferarri President] Montezemolo would step down in October after 23 years at the helm, just weeks before the company floats in the US as part of its parent group Fiat Chrysler.
The top job at the biggest name in Formula One racing will be taken over by the head of parent group Fiat, Sergio Marchionne.
The two men had clashed over strategy, with Montezemolo reportedly hoping to keep the brand exclusive by limiting sales to some 7,000 cars a year and Marchionne pushing for higher sales.
Ferrari sold 3,631 cars in the first half of 2014, down 3.6 percent from a year earlier.
While the average Joe continues to fight off tax hikes, foreclosures and unemployment, the elite .01% had a banner year, sporting their new Ferrari, HB10 riding shotgun.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.