Italian sports car manufacturer Ferrari has achieved record results last year in terms of revenues and profits, said the company chairman.

Ferrari's strategy of keeping down the number of cars it builds to preserve their exclusivity and value over time, has yielded excellent results, reported the Gulf Daily News, our sister publication, citing a company statement.

"Even though sales fell by 5.4 per cent (6,922 cars delivered to network), revenues still rose to 2.3 billion euros (up 5 per cent), trading profit jumped to 363.5 million euros (up 8.3 per cent) and net profits hit 246 million euros (up 5.4 per cent)," said Ferrari following a shareholders' meeting under the chairmanship of Luca di Montezemolo.

"These are all absolutely unprecedented figures as is the positive net industrial financial position which, at the end of last year, stood at an all-time high of 1.36bn euros," it added.

Also part of the agenda was the appointment of the board of directors for the three years to 2016.

The meeting confirmed current incumbents Luca di Montezemolo, Piero Ferrari, Amedeo Felisa, Al Mubarak Khaldoon Khalifa, Alfredo Altavilla, Eduardo Humberto Cue, Sergio Marchionne, Richard Palmer and Marco Piccinini.

They will now also be joined by new members Harald J Wester, Scott Garberding, Antonio Picca Piccon and Giorgio Fossati.

Retiring from the board are Gianni Coda, Sir Christopher Gent, Paolo Monferino and Lindsay Owen Jones.

Following the shareholders' meeting, the new board met and confirmed Montezemolo as chairman, Piero Ferrari as vice-chairman and Amedeo Felisa as chief executive, and assigned them their various proxies.-TradeArabia News Service