Huge Group's First-quarter Revenue Up 8%

Huge Group's first-quarter revenue was NT$22.26 billion, or about US$746 million, an increase of 8% over the same period last year.

However, the company said rising material costs, labor and logistics squeezed the company's gross margin and operating profit. The higher OEM work mix also resulted in a lower margin of 22.9%.

On the other hand, a stronger U.S. dollar relative to the NTD helped lift the huge NIBT (net income before federal and state income tax) to NT$2.6 billion, up 4.2% year-over-year. NIAT (net income after tax) also rose 7.1% to NT$1.82 billion, with earnings per share of NT$4.86.

The company said that its U.S. subsidiary's e-bike sales and overall revenue growth both grew at a lower percentage of youth products; in Europe, e-bike sales fell by about 10% due to supply chain impacts; in China Sales were basically flat.

Electric bike sales (OE and brands) accounted for 26% of the group's total revenue during the quarter. At its annual general meeting on June 23, the board of directors will propose a cash dividend of NT$10 per share.