Giant Announces its Financial Results for the First Quarter of 2018. Group Consolidated Revenues was NT$13.97 billion, up 3.2% year-on-year, of which sales of electric bicycles grew by 30%; Giant said that due to the appreciation of RMB, the gross margin for OEMs and the Chinese domestic market remain unchanged. Weak, pre-tax net profit was NT$577 million, a year-on-year decrease of 17%; after-tax net profit was NT$258 million, a year-on-year decrease of 50%. The main reason was that Taiwan’s regional income tax rate increased from 17% to 20%, which led to an increase in income tax provisions. 147 million Taiwan dollars.
Giant pointed out that in the sales of its own brand, thanks to the popularity of electric bicycles, Giant’s sales performance in the European market continued to grow at a double-digit rate; US subsidiaries and Japanese subsidiaries were affected by unfavorable weather conditions and sales declined slightly.