Giant Manufacturing, Taiwan’s largest bicycle manufacturer and one of the world's largest bicycle brands, reported higher margins and profits on flat sales in 2013, according to figures published by the Taiwan Stock Exchange.
Sales reached TWD$54.4 billion ($1.8bn), compared with TWD$54.1 billion in 2012. Gross margin reached 21.9 percent of operating revenue, compared with 20.5 percent in 2012.
Operating expenses, including selling, general and administrative and research and development, increased 5.3 percent to TWD$7.53 billion ($253mm), or 13.8 percent of operating revenue, up 60 basis points from the year earlier period.
Giant reported net operating income of TWD$4.15 billion ($139mm), up 4.3 percent compared with TWC$3.98 billion in 2012. Profit from continuing operations before tax reached TWD$4.51 billion ($152mm), compared with TWD$3.96 billion.
