Giant Manufacturing Co Ltd., believed to the world's largest bicycle manufacturer, reported net income attributable to shareholders dipped 2.8 percent on a 3.3 percent increase in operating revenues in the second quarter of 2015.
The company reported operating revenue of NT$15.6 billion ($505.4 mm) in the second quarter of 2015, up 3.3 percent from NT$15.1 billion in the same quarter a year earlier.
While Giant is best known in the United States for its Giant and Liv bikes, the Taiwanese company is among the largest OEMs in the bicycle business.
Giant reported gross margin of 22.5 percent, down from 23.7 percent from the second quarter of 2014. Operating income declined 7.7 percent to NT$1.42 billion ($46 mm), or 9.1 percent of operating revenue, compared with 10.2 percent in the second quarter of 2014.
The company, which sells the bulk of its bikes to Europe and the United States, reported foreign exchange reduced its revenue by NT$57.1 million ($2 mm), compared with NT$65.2 million a year earlier.
Profits attributable to shareholders declined 2.8 percent to NT$835.6 million ($27 mm), or NT$2.22 per fully diluted share, compared with NT$859.3 million, or NT$2.29 a year earlier.
