Suffering in particular from the increasingly popular bike sharing programs in China, Giant Bicycle reported a one percent drop in revenues to 14.9 billion Taiwan dollars (€420.1m-$495.3m) in the third quarter ended Sept. 30. The company performed better in Europe and the U.S., thanks to new models introduced in July. The gross margin slipped by 0.8 percentage points to 19.7 percent. Positive foreign exchange effects and other extraordinary items helped boost Giant's net income to TWD 975.5 million (€27.5m-$32.4m) in the quarter from TWD 259.8 million in the year-ago period. Excluding these items, net earnings grew by 2 percent to TWD 14.9 billion (€420.1m-$495.3m).