Mirroring their larger Taiwanese competitor, Giant Group, Merida Industry and Ideal Bike brought in sharply lower revenue in the third quarter. Merida Industry, Taiwan’s second-largest bicycle manufacturer, saw net income attributable to shareholders slip 9% to TWD 624.9 million ($20.7 mm) from TWD 690.2 million. Revenues declined 17% to TWD 7,223.4 million ($239.7 mm) from TWD 8,664.2 million prior. Gross margin narrowed 460 basis points to 13.6%, while total operating expenses grew 9%, deleveraging 180 b.p. as a percent of ... Log in to view full article.