TAIPEI, Taiwan (BRAIN) — Giant Group's net sales totaled NT$70.87 billion ($2.2 billion) through its first three fiscal quarters, a 14.4% increase over the same period last year.
The company said its OE business made an increased contribution to the total this year, which softened its operating profit performance. Increased cost of raw materials, logistics and labor also affected profits. However, a strong U.S. dollar was favorable, leading to net income before tax growth of 9.9%. Net income after tax grew 16.5% to NT$5.63billion. Earnings per share was NT$15.01.
Giant said bike inventories are improving in Europe and North America, where entry to mid-level products inventories are higher, but there is still a shortage in performance-level products.
Giant said market demand has "cooled down compared to the past two years." But it said with a continued global focus on the environment and health, combined with government efforts to promote cycling, Giant "sees the great potentials for the cycling industry" in the mid- and long term.
In October Giant Group celebrated its 50th anniversary. Giant Group Chairperson Bonnie Tu has set the path for Giant's next 50 years to devote to sustainability.
Giant Group CEO Young Liu called upon the Taiwan cycling industry to join the company's "Cycling for a Better Future" vision.
