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Strong sales in China help keep Giant Group revenue decline to 5%

Published August 7, 2023

TAIPEI, Taiwan (BRAIN) — Giant Group's first-half revenue was NT$42.6 billion ($1.34 billion) in its first fiscal half, down 5.4% from the same period last year. But the company said strong sales in the China market helped. The domestic China market's interest in performance cycling drove a 70% sales increase in the half there.

However, sales for Giant-branded products in Europe were down 12% in the half, and in the U.S., they were down 44%, the company reported. 

First-half e-bike sales supplied 35% of the Group's revenues in the half, up 6% from the year prior. "With innovation of technology and diversity of products development, e-cargo and e-mobility will create new trends and expand cycling population to drive e-bike growth momentum," the company said in a press release Monday. 

Overall the Group's gross margin rate decreased to 21.3% and net profit before tax came in at NT$3.35 billion, a decline of 32.9%. Net profit after tax came in at NT$2.02 billion, a decline of 44.3%. First-half earnings per share were NT$5.15.

Topics associated with this article: Earnings/Financial Reports

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