Giant Manufacturing reported consolidated revenue was TWD13.24 billion ($448 mm) in the first quarter, up 3.5 percent from TWD12.8 billion in the same period in 2012. The Taiwanese company attributed the gain to the favorable exchange rates.

Pre-tax net profit reached 1.17 ($40 mm) billion and net income was TWD886 ($30 mm) million yuan, or TWD 2.36 (80 cents) per share, representing a growth of 32.7 percent from TWD668 million in 2012.

The company reported production and sales of bicycles and electric vehicles in the first quarter reached 159 million units. Sales of Giant branded products in mainland China rose 30 percent. Results were strong at the companys Taiwanese and South Korean subsidiaries, while sales in the United States were hurt by unfavorable weather. Sales in Europe were flat due to abnormal weather and economic factors.

Giant said continuing per capita income growth continues to fuel spending on sports and leisure bicycles in mainland China. The company now has 2,500 dealers in China, where it has operated for 20 years. The company recently added an assembly line at its Kunshan plant in Jiangzai to increase capacity by 300,000 to 1.3 million units to meet the rapidly growing demand of the Chinese market.

Giant reported final, after-tax net profit of TWD3.01 billion ($101 mm) and earnings per share of TWD8.02 (27 cents) in 2012.