Giant Bicycle propped up by e-bike sales

Taiwan’s Giant Bicycle has revealed that e-bike sales accounted for 30 per cent of its first-quarter earnings.

A company report said there had been a 3.2 percent year-on-year revenue increase to $466.5 million. However, net income before taxes reduced 17 percent to $19.3 million.

New and higher Taiwanese tax rates took a hefty 50 percent out of the company’s net after-tax income.

“[Excluding] the income tax effect, first-quarter net income after taxes would have declined 22 per cent,” said a company statement, adding that Q1 sales in the US and Japan were weak due to poor weather.

In other news...

Construction work to begin soon on new cycle route between Finsbury Park and Holloway Road

Transport for London (TfL) has confirmed that construction work will begin on a new cycle route between …