Net income attributable to owners declined 34% in the second quarter to TWD 1,181.9 million ($38.4 mm) from TWD 1,802.2 million hurt by sharply lower gross margins. Revenues inched down 1% to TWD 22,464.1 million ($729.4 mm) from TWD 22,744.9 million as U.S. and European sales fell. Giant’s quarter was salvaged by burgeoning revenues in China, where the post-Zero-Covid reopening has resulted in strong demand, sending first half sales up 70% in the region.

Demand in the U.S. has plunged this year, with consumer demand for entry to mid-level products slacking and ... Log in to view full article.