Giant has reported a 5.4% fall in first half revenue when compared to the same period last year, down to NT$42.6 billion (£1.32 billion).
Product sales in Europe were down 12% for the period, with American sales falling by 44%.
The company says that strong sales in China helped after seeing a 70% sales increase in the market, mostly driven by a growing interest in performance cycling.
First-half e-bike sales provided 35% of the Giant group’s revenues in the period, up 6.6% from the 2022.
With innovation of technology and diversity of product development, Giant expects e-cargo and e-mobility to create new trends and expand the cycling population to drive e-bike growth momentum.
Due to the impact from European and North American markets of reducing inventories, gross margin decreased to 21.3% at pre pandemic level.
Net profit before tax came in at NT$3.35 billion (£82.7 million), a decline of 32.9% year on year due to lower gross margin as well as higher interest expenses in non-operating expenses.
Net profit after tax came in at NT$2.02billion (£49.8 million), a decline of 44.3% YoY.
First half tax expenses increased due to the increase in undistributed earnings and less tax benefits.
First half earnings per share was at NT$5.15 (£0.12).
In a press release issued earlier this week, a spokesperson for Giant said: “Considering the global economy situation, as well as the current market is undergoing inventories adjustments, this year would be a year to adjust production, sales and supply back to normal, and it is also a test of the company’s operating capabilities.
“Giant Group has been cultivating its production, brand and channel advantages for a long time.
“In the long run, people’s awareness of ESG and health has greatly increased, and governments around the world are actively building a friendly cycling environment. The bicycle industry is still full of unlimited business opportunities.”