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Giant has reported a net profit of $89.1m, or earnings per share of NT$7.05, for the first nine months of the year, up 13.87 percent year-on-year.
In the first three quarters, the company’s total revenue increased 2.37 percent to NT$42.11 billion, with sales in China rising 28 percent year-on-year. However, sales in the US fell 2 percent along with a flat performance in Europe, reports the Taiwan Times.
Merida, also of Taiwan, has also released figures, showing its net profit rose 42.04 percent year-on-year to NT$2.26 billion, or earnings per share of NT$7.92, during the nine-month period, on sales of NT$18.73 billion, up 5.75 percent from last year.
However, analysts said both Giant and Merida would see revenue decline in the fourth quarter.
Deutsche Bank said that Giant is likely to see revenue fall by 11.8 percent to NT$13.15 billion from last quarter and net profit to decline by a sequential rate of 16.7 percent to NT$771 million, or NT$2.06 per share, as the market in China has entered the slow season, while poor market conditions in the US and Europe remain.
But the German bank said next year would be a good year for Giant, amid signs of improved market demand and good customer feedback to new models.
