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Chinese sales a bright spot as Giant revenues slump

Published May 13, 2024

TAIPEI, Taiwan (BRAIN) — Giant Manufacturing says bike sales in China continue to be a bright spot, but inventory reductions in Europe and North America continue to dampen overall sales.

The Taiwanese bike maker on Monday announced first-quarter earnings of NT$16.06 billion ($495,396,396), 20.2% below its sales in the same period last year. Giant's net profit after tax was NT$520 million, 37.8% down from last year. Earnings per share were NT$1.33.

The company said it saw increased sales in China and reduced inventory in the U.S. and Europe markets. It also noted that its new TCR road bike and other new products were well received at the recent China Bicycle Show in Shanghai. 

Giant's income statement shows research and development expenses of NT$370.8 million in the quarter, up from NT$351.0 million in the same period last year. 

Looking into the second quarter, according to a public filing Giant's revenues in April were NT$6,908,078, down just 1.75% from the same month last year. Year-to-date revenues through April were down 15.5% from the same period last year.

 Giant monthly revenues through April, 2023 v. 2024

 

Topics associated with this article: Earnings/Financial Reports

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