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Ferrari has bucked the trend of tumbling profits in the car industry by becoming the most profitable company in the Fiat Group.

In the first three months of the year the Italian supercar maker posted a trading profit of 54 million euros (£49 million).

Ferrari said that with many car manufacturers struggling with plummeting sales, the results were one of the few positive signs in the industry.

Ferrari recently launched the California convertible and said that sales were strong. It has also unveiled two new models: the track-only 599XX prototype and the Handling GT Evoluzione Package for the 599 GTB Fiorano.

Read Matt Prior's first drive on the Ferrari 599 HGTE

autocar.tv: watch the video of the Ferrari 599 HGTE

Ferrari's fortunes in F1 also took an upturn at last weekend's Bahrain GP.

Kimi Raikkonen grabbed the first three points for the manufacturer this season when he came in sixth.

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