Giant Group has reported a first-half revenue of NT$42.6 billion ($1.34 billion) in its first fiscal half, down 5.4% on 2022’s performance.

But the Group says strong sales across the Taiwan Strait in China have helped soften the loss. The Chinese domestic market’s demand and growing interest in performance cycling has pushed a 70% sales increase in the same fiscal half.

Further afield in Europe, Giant and its other branded products including the Liv, Momentum, and Cadex brands were down 12% in the same period, and in the U.S., sales were down 44%, according to their reports.

E-bike sales made up 35% of Giant’s revenues in the first half, which is up 6% from the previous year.

In a press release the company said, “With the innovation of technology and diversity of product development, e-cargo and e-mobility will create new trends and expand cycling population to drive e-bike growth momentum.

“Considering the global economy situation, as well as the current market undergoing inventory adjustments, this year would be a year to adjust production, sales, and supply back to normal, and it is also a test of the company’s operating capabilities.

“Giant Group has been cultivating its production, brand, and channel advantages for a long time. In the long run, people’s awareness of ESG and health has greatly increased, and governments around the world are actively building a friendly cycling environment. The bicycle industry is still full of unlimited business opportunities.”

The Group’s gross margin rate had dropped to 21.3% and net profit declined 32.9%, with a figure of NT$3.35 billion. Net profit after tax was recorded at NT$2.02 billion, a decline of 44.3%. Earnings per share in this period were NT$5.15.