‘Massive drop in sales for Giant Group during first quarter’

Taiwan-based Giant Group recently announced its first quarter earnings, revealing a revenue of NT.06 billion (5,396,396), which is 20.2% lower than the previous year. The company’s net profit after tax also saw a significant decline of 37.8% to NT0 million. Earnings per share were reported at NT.33.

Despite the decrease in sales, Giant Group highlighted positive developments, such as increased sales in China and inventory reduction in the U.S. and Europe markets. The company also received positive feedback on its new TCR road bike and other products showcased at the China Bicycle Show in Shanghai.

Giant’s income statement showed an increase in research and development expenses to NT0.8 million in the quarter, up from NT1.0 million in the same period last year.

Looking ahead to the second quarter, Giant Group reported revenues of NT,908,078 in April, only a slight decrease of 1.75% compared to the previous year. Year-to-date revenues through April were down by 15.5% from the same period last year.

The company remains optimistic about its future performance and is focused on innovation and market expansion to drive growth in the coming months.