ITALY: Executive payments help cut Ferrari net profit - report
Ferrari SpA made a net profit of 21.6 million euros ($US22.9 million) in 2002, 54% less than the 47 million euros (US$49.8 million) reported for 2001, Associated Press (AP) said. Ferrari, 56%-owned by Fiat SpA, boosted group sales 14.1% to 1.2 billion euros ($1.27 billion) as unit sales rose 22.3% to 7,536, including 3,300 Maseratis, 883 of which were sold during the brand's first full year in the United States, the AP report said. Consolidated operating profits rose 13.7% to 70.5 million euros ($74.7 million).
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