Giant Manufacturing Net Rises on E-Bike Sales
Comprehensive net income at the world’s largest bike maker more than doubled to NT$909.3 million ($29.1 mm) in the first quarter from NT$402.4 million on 5% higher sales of NT$14,694.5 million ($470.2 mm) up from NT$13,974.3 million on higher e-bike sales to Europe and a recovering Chinese market. Excluding comprehensive items, net income was NT$683.9 million vs. NT$257.9 million, and last year’s bottom line was pulled down by a one-time 3% increase in the corporate tax rate. Gross margin jumped 320 basis points to 21.0% helped by the more profitable product mix and favorable exchange rates. Electric bicycle sales, which ... Log in to view full article.