Ferrari 2001 net profit soars

TURIN, Italy, March 22 Reuters is reporting that Italian sports car maker Ferrari SpA, controlled by Fiat, reported on Friday a more than seven-fold hike in its 2001 consolidated net profit to 47 million euros ($41.3 million) on record deliveries of its cars.

Ferrari, which also makes Maserati cars, said in a statement that operating profit rose 36 percent to 62 million euros.

The strong results came at a time that parent company Fiat is struggling to turn itself around after posting a 791 million euro net loss in 2001.

Ferrari, which last year won the Formula 1 driver's title for the second straight year, said it delivered 6,158 Ferrari and Maserati cars worldwide, up from 6,099 in 2000.

Sales continued to grow in the first two months of 2002, with revenue up 6.9 percent to 159.7 million euros, it said.

The automaker said earlier this month that it was considering an initial public stock offering.

The announcement came after the close of the market. Fiat's shares on Friday gained 0.4 percent to 16.17 euros.