Giant saw its revenues in the first quarter decline by 9.3 percent on an annualized basis to $444.5 million. The net income before taxes dropped by 16.9 percent to $27.4 million. Sales of e-bikes and traditional bikes in many European countries were hit by strict shutdowns in connection with the coronavirus pandemic. The outlook for 2020, however, is more positive as governments are easing the restrictions, and consumers are generally more conscious of the need to pay better attention to their well-being and health. Furthermore, the governments in many countries are now encouraging citizens to modify their behavior and ride bicycles for commuting.

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