TURIN -- Global economic uncertainty and increasing stock market volatility has not affected Ferrari and Maserati financial results.

Fiat Group's luxury brands yesterday reported record results for the first quarter.

Fueled by higher sales of its V-12 powered models, the 612 Scaglietti and 599 GTB Fiorano, Ferrari customer deliveries increased 4 percent to 1,654 units.

Revenue grew almost 20 percent to 456 million euros.

Trading profit (operating profit before exceptional items) almost doubled to 59 million euros from 31 million in the same period the year before.

"Ferrari's first quarter was simply magnificent," said Fiat Group and Ferrari chairman Luca Cordero di Montezemolo.

Last year, Ferrari set its best record for revenues, up 15.3 percent to 1.67 billion euros. Its trading profit was up 45.3 percent to 266 million euros and unit sales up 11.1 percent to 6,488 cars.

Helped by the GranTurismo four-seat coupe, Maserati increased vehicle deliveries 21.3 percent to 2,234 units in the first quarter. Revenues grew 15.6 percent to 193 million euros.

Maserati reported a 10 million euros trading profit compared with 1 million euros it had lost in the same period last year.

"Despite growing customer deliveries, our order backlog is stable, therefore we are confident 2008 will be another positive year," Maserati CEO Roberto Ronchi said last week on the sidelines of the Beijing show.

In 2007, Maserati returned to the black after 18 years in the red.

Last year, Maserati reported a 24 million euros trading profit in 2007 compared with a 33 million euros trading loss in 2006.

Revenues grew 33.7 percent to 694 million euros and unit sales increased 30.7 percent to 7,496 cars.

You may e-mail Luca Ciferri at lciferri@craincom.de