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Ferrari profits rise as deliveries continue to grow

Ferrari profits rise as deliveries continue to grow

MILAN (AP) — Sports carmaker Ferrari saw a 39 percent rise in second quarter profits as deliveries continued to grow.

Ferrari, which spun off last year from its mass-market parent Fiat Chrysler, said Wednesday net profit for the three months through June was 136 million euros ($161 million), from 97 million euros in 2016.

Ferrari said the result was boosted by higher sales volumes, up 5 percent to 2,332 vehicles, as well as personalization options on its luxury sports cars.

The group confirmed a 2016 outlook for shipments of around 8,400 units with operating profit above 950 million euros on more than 3.3 billion euros in revenues.

Ferrari shares dropped 2.2 percent to 90.75 euros in Milan, offsetting a rise this week before the earnings and after the Ferrari Scuderia Formula 1 victory.