Ferrari third quarter profit doubles on one-off tax break

MILAN (AP) — Ferrari says its net earnings doubled in the third quarter thanks mostly to one-off tax benefit.

The sports car maker said Monday that net earnings were 287 million euros ($327 million) compared with 141 million euros a year earlier.

The company said earnings grew 5 percent when excluding the so-called patent box tax break, agreed on with Italian authorities, covering use of copyrights, patents, trademarks, design and know-how.

Deliveries were up 11 percent to 2,262 vehicles driven by sales of the 812 Superfast and the Ferrari Portofino, with revenues flat at 838 million euros.

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Europe and Middle East sales were up by double digits to 1,005. The Americas grew by 5 percent and greater China by 7 percent.

Ferrari forecast full-year sales at over 9,000 with profits of 1.1 billion euros.

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