Ferrari reports 11 per cent profit drop last year but raises outlook
Last Updated Tuesday, February 4, 2020 1:42PM ESTMILAN -- Ferrari CEO Louis Camilleri said Tuesday the Italian luxury sports car maker could shift deliveries to other markets to adjust to any weakness in China due to the coronavirus, and that he was more concerned about Hong Kong.
`'We can offset weaknesses in China if its for a few months," he said. `'Hong Kong will be more of a problem," he said, citing continued softness in the market due to protests. Ferrari upgraded its 2020 revenue forecast to over 4.1 billion euros, from 3.8 billion euros outlined in its business plan.
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