A 50 percent increase in sales of e-bikes, especially in Europe, could not prevent Giant Manufacturing Co. from posting a drop of 5.57 percent in its global revenues to 53.09 billion Taiwan dollars (€1.64bn-$1.75bn). The major factor was a 20 percent decline in its bike sales in China, which are now recovering mainly in the low end of the market. Sales grew by nearly 5 percent in Europe. High inventories and intense competition led to price promotions in the U.S., where sales fell slightly, but the company feels that the situation will normalize this year. Japan and Australia performed well. The net result for Giant was a fall of 20 percent in its annual net earnings to NT$ 3.07 billion (€94.8m-$101.3m). The company expects that its sales of e-bikes will grow from 7 percent to 10 percent of its turnover in the next five years, aided by growing sales in the mountain bike segment.