21.5.04

The Fiat Group have announced their First Quarter 2004 results, which continue the improvement shown in the pervious year. Operating break even is still the goal for the full year 2004.

The Ferrari - Maserati results however have taken a turn for the worse with an operating loss of nearly 14% being announced despite a sizeable sales increase.

The Fiat Quarterly Report stated that "Ferrari-Maserati had revenues of 336 million euros in the first quarter of 2004, up 18.3% compared with the first quarter of 2003. This growth stemmed from both higher sales of Ferrari models - particularly the new 360 Challenge Stradale, presented last year, and the "Enzo" limited edition model - and of Maserati models, thanks to the success of the Quattroporte".

As for the operating result Fiat say that "Ferrari-Maserati closed the first quarter with an operating loss of 47 million euros, reflecting the customary seasonal variation in Formula 1 competition operating costs. The increased loss with respect to the operating loss of 23 million euros reported for the first quarter of 2003 was mainly caused by the negative foreign exchange effect and higher research and development costs for new products, which were only partially offset by improved volumes and product mix".

There is no split available of the results between Ferrari and Maserati.

Ferrari-Maserati Group