Strong Taiwan Dollar Puts Pressure on Giant’s Sales
TAICHUNG, Taiwan – Giant Manufacturing Co Ltd had a difficult start of the 2017 season. According to a financial statement, the company’s accumulated sales in the first quarter of the year fell 5.4% to TWD 13.5 bn (417 mn euro) from the same period last year.
Also over last March Giant reported a decline of 5.08% year-on-year to TWD 5.27 bn (163 mn euro). Giant attributed the decline to the deprecation of the euro and the yuan against the New Taiwan dollar.
However also in 2016 Giant’s cumulative revenue declined by 5.57%, as Bike Europe reported. Obviously this trend continued in the first quarter of 2017. In 2016 the company saw its net profit fall 20% year-on-year to € 73.6 million but Giant did not mention any figures on profit on the first quarter of 2017.