TAIPEI, Taiwan (BRAIN) — Giant Group revenues in the first quarter was NT$22.26 billion ($746 million), up 8% from the same quarter last year.
However, the company said rising material costs, labor and logistics squeezed the company’s gross margin and operating profit. A higher mix of OEM work also contributed to a lower margin of 22.9%.
On the other hand, a stronger U.S. dollar value relative to the New Taiwan Dollar helped raise Giant’s NIBT (net income before federal and state income taxes) to NT$2.6 billion, a 4.2% growth year over year.
NIAT (net income after taxes) also grew 7.1% to NT$1.82 billion with earnings per share of NT$4.86.
The company said its U.S. subsidiary saw growth in e-bike sales and overall revenue growth in the low teen percentage.
In Europe, supply challenges affected e-bike sales and revenue declined about 10%. Sales were flat in China.
E-bike sales (both OE and branded) were 26% of total revenue for the group.
At an Annual General Meeting on June 23, the board will propose a cash dividend of NT$10 per share.
