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Camilleri: No Formula 1 a ‘big hit' to Ferrari's finances
Formula 1's coronavirus-induced hiatus has almost completely wiped-out Ferrari's first-quarter profits from other areas of its business, CEO Louis Camilleri announced on Monday. Speaking alongside the release of the company's Q1 figures for 2020 that revealed commerical, sponsor and brand revenue was down 39 million (30%) compared to the same time a year ago, Camilleri admitted the Scuderia's inactivity had severely affected its bottom line. 'Formula 1 is undoubtedly the activity that will adversely affect our results in 2020 in the harshest manner and also the one that is by far the hardest to predict,' he told investors in a conference call. 'This clearly implies a drastic reduction in...
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