Ferrari boasts record results for 2011

Italy's luxury carmaker Ferrari announced record results for 2011 on Friday, with revenues exceeding two billion euros ($2.63 billion) for the first time, despite the widespread economic crisis. "The year ended with extremely positive results that were in certain instances unprecedented in Ferrari's history," the company said in a statement. Revenues reached 2.251 billion euros, up 17.3 percent, while a record 7,195 cars were sold, up 9.5 percent on the previous year's figure, it said. Ferrari, which is owned by the autogiant Fiat, sold 6,573 cars in 2010 for revenues of 1.919 billion euros. "We can only be satisfied with these results," the head of the famous sportscar brand Luca di Montezemolo was quoted as saying. "They were achieved against an economic backdrop that remains challenging, particularly in Europe," he added. The company said it achieved record sales in 2011 in America and in the Greater China Area -- which has become Ferrari's second largest market -- while it also performed well in the Middle East, with a 22 percent increase in sales. Demand was also up in Britain, Germany and Switzerland in particular. "Our international expansion continues and Ferrari today has a network covering 58 nations," he said. Montezemolo said a new 12-cylinder model would be unveiled at a show in Geneva in March, which he described as "a revolutionary new car that delivers extreme performance and unprecedented power output."