Ferretti reports first profit since 2008

The Ferretti Group, announcing financial results for 2016 and the first quarter of this year, said it became profitable last year for the first time since 2008. The group also announced the first elements of a two-year investment plan at a recent conference in Milan.

Results after taxes turned from a $30.8 million loss in 2015 to a $15 million profit in 2016.

Ferretti Group CEO Alberto Galassi said in a statement that Ferretti’s 2017 objectives are challenging, but possible, as the company relies on further investments, an efficient and well-performing organization, and nine new products the group is set to present to the market.

Ferretti also announced additional investments of nearly $50 million: $26.5 million in research and development and $22.7 million toward the growth of production capacity.

The group said investments planned for the shipyards between the end of 2017 and 2018 could result in hiring 80 workers at all of its production sites.