TAICHUNG, Taiwan (BRAIN) — Giant Group continues to post strong growth in revenue through the first three quarters of the year, driven by a 40% increase in European sales of its e-bikes.
Overall, the Taiwan manufacturer's revenue hit NT$47.7 billion ($1.6 billion), a 5% increase compared to the same period last year.
Giant, publicly traded on the Taiwan Stock Exchange, has seen its share price over the last nine months increase 52.4% from NT$144 ($4.71) to NT$219.50 ($7.19) from Jan. 2 through Nov. 14. Earnings per share for the first three quarters is NT$7.32 ($0.24).
Giant, riding a growing wave of e-bike demand, reported an 18.8% increase in before-tax income, hitting NT$3.9 billion ($127.7 million). It also set a record 33.5% increase in after-tax income of NT$2.75 billion ($90.1 million), the company said Thursday.
Thanks to sales in Europe and a double-digit recovery in sales in China's domestic market, the company's gross margin and operating margin also improved over 2018, the company said. "Giant saw healthy growth from all key markets in local currency with Europe taking the lead at double-digit growth in revenue for the first three quarters," the company said, adding that e-bike sales in Europe were the driving factor.
The U.S. market also posted "healthy" growth from sales of traditional bicycles as well as from greater demand for its e-bikes. The company did not release U.S. revenue nor break down its sales by category for the U.S. market.
"Still, the overall global market remains challenging. Giant will continue to focus on offering consumers innovative products with high added value, strengthen its own branded component development, and improve retail service quality and (consumer) experience," the company said.
