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Ferrari first quarter results hit by Formula 1's hiatus
Formula 1's disrupted 2020 season which has yet to get underway had an impact on Ferrari's top and bottom lines during the first three months of the year. Ferrari's Q1 operating profit of 220 million euros - on a revenue of 932 millions euros - was down 5% from a year ago, as an increase in deliveries failed to offset the loss of income generated by the Scuderia following the cancellation of races. As the Italian manufacturer warned of another problematic quarter ahead, it cut its profit forecast for the full year. Overall, Ferrari's sponsorship, commercial and brand revenue, which includes its F1 activities, generated 89 million euros, an amount that was down 30 % from a year ago....
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