Giant Group Sales and Profits Plunge in Q2
The Taiwanese bike maker reported second-quarter net income tumbled 84% to TWD 189.9 million ($6.2 mm) from TWD 1,152.5 million last year as revenues fell by 26% to TWD 15,754.4 million ($514.8 mm) from TWD 21,166.1 million. Giant blamed the appreciating Taiwan dollar for much of the sales decline, and a foreign exchange loss of TWD 230 million weighed on the bottom line. Gross margin narrowed by 180 basis points to 20.4%, hurt by ... Log in to view full article.
