Giant Group revenue down 12.6% in first half

TAIPEI, Taiwan (BRAIN) — Giant Group announced that its first-half revenues were NT$37.23 billion ($1.147 billion), a 12.6% decline from the same period last year.

The company said that due to profit growth in China, its gross margin rate fore the period was 21.3% and net profit after tax was NT$1.67 billion, a decrease of 17.1% from last year. Earnings per share was NT$4.27.

The company said its second quarter revenue was down 5.8%, to NT$21.17 billion and gross margin in the quarter was 22.2%, which it attributed to a greater mix of sales of its own brands' products vs. its OE customers. 

"Looking forward to the second half of the year, inventory adjustments in the European and American markets will return to normal, and the cycling trend in the Chinese market will continue to drive performance growth. It can be expected that the group's operations will gradually improve," the company said in a press statement.

Taiwan stock market data shows the company's revenue story improved in the first month of the third quarter. July revenues were NT$7.573 billion, up 16.62% from the same month last year. That brought year to date revenues to 8.66% below the same period in 2023.