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Giant revenue hits $670 million in Q2; factories at full capacity

Published August 13, 2020
Earnings per share hit company record.

TAICHUNG, Taiwan (BRAIN) — Giant Group's second-quarter sales were NT$19.7 billion ($669.7 million) and its earnings per share were NT$4.06, a company record high.

The company said strong demand for e-bikes in Europe and factory efficiencies help produce a gross margin of 21.7% and net income of NT$2.15 billion in its first half, a 24.9% increase over last year. 

Giant, which produces bikes for a variety of brands, said its own branded products produced double-digit sales increases, especially in the U.S., Europe, and China.

"With the impact of COVID 19, many consumers are turning to bicycles or e-bikes as their choice to commute or as an alternative form of exercise. In addition, governments in many countries are promoting the use of bicycles not only offering subsidies but also investing in building bicycle infrastructures. Giant foresees that the demand for traditional bicycles as well as e-bikes would continue to grow," the company announced.

The company said all Giant manufacturing facilities are running at their full capacity. Its new Hungary manufacturing facility has started production and made its first shipments in July.

Looking ahead, Giant said, "The Hungary facility will build up production capacity in stages and would supply products range from traditional bicycles to e-bikes. This would enhance Giant Group's position in the European market and at the same time improve Giant's supply lead time which would improve Giant's market share in Europe."

Topics associated with this article: Earnings/Financial Reports

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