Ferrari driven by Spike in sales in China

Automaker Ferrari claims its profits rose in the first quarter as demand for the luxury sports cars grew strongly in China.

The Italian producer, that has shares listed on the New York Stock Exchange, said Tuesday that its net profit grew to 180 million euros ($202 million) from the 3 months during March, up from 149 million euros in the same period a year earlier.

It shipped 2,610 cars in that periodup 23 percent due in part to the popularity of its Ferrari Portofino model.

Deliveries were particularly powerful in China ahead of the implementation of new emissions standards. Demand also grew from the U.S. and Europe.

Ferrari adhered to its earnings forecast for earnings to grow by more than 3% this year.