Net income tumbled 30% in the third quarter to TWD 350.0 million ($11.6 mm) from TWD 498.9 million, on a 25% drop in revenues to TWD 15,354.7 million ($509.4 mm) from TWD 20,457.7 million. Gross margin improved 300 basis points to 21.5%, helped by promotions for Giant’s own-brand products during peak season and reversals of inventory provisions from sales. Total operating expenses were 4% lower, but still deleveraged 410 b.p. on the lower top line to 18.9% of sales. Selling expenses and administrative expenses were roughly flat, but ... Log in to view full article.