Giant Bicycles first half financial report has delivered a 5.3% rise in revenue driven largely by European electric bike sales.
Also helped along by recovering sales closer to home, the demand in China also increased leading revenues to hit NT$30.71 billion (978.4 million).
The Taiwanese bike maker managed to turn out 290,000 bikes in the first six months of 2019, from which 28% ($273.9 million) of the overall revenue came. This gain assisted the bike maker in improving its post-tax income, which rose 60.1% over last year’s figures. Earnings per share therefore rose by 25% to NT$4.59 (15 cents).
The company told investors that all key markets saw healthy growth with Europe leading with double digit growth in H1. A healthy 40% was added like-for-like, primarily down to pedal assisted sales.
Stateside growth was described as “healthy” for normal bicycles, while electric sales rose in the low teens for H1. Children’s bicycles only grew a little.
Forecasts for the second half are now expected to carry the momentum of the year to date. The 2020 bike launches just released are said to be “well received” by retail partners.
Also mentioned in the financial statement was the firm’s new premium Cadex components label, which focuses on carbon wheelsets, tyres, saddles and more. Premium partners will carry these products.
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