Chang Hua, Taiwan - Merida Group has announced financial results for the first half of 2018 showing that sales revenue increased by 28% sales revenue. Profit before tax in Q1 was up 5% from the prior year, but profit after tax was hit by an increase in Taiwan's corporate income tax. The compnay7 noted that growth has continued in Q2 for both sales and profit. Total first-half profit was NT$1.13 billion (approx. US$42 million), up 81% compared with a year earlier, while the Earnings Per Share (EPS) was NT$1.84, up 23% from a year ago.

In a press release, Merida noted that its China market stayed stagnant in the first half of 2018, while sales to the US and Europe had been good for both high-end bicycles and e-bikes—the growth on e-bikes in particular was high. Merida’s Taiwan factory shipped around 450,000 bikes with the sales amount of over NT$10.7 billion (approx. US$349 million) in the first half of 2018, 27% and 47% higher respectively than the prior year.

Merida’s first-half result has improved greatly from 2017. The company noted that the 2nd half of the year is the traditional peak season for the bicycle industry, and with its Taiwan factory running at full capacity, Merida is planning to achieve more growth in the coming 2nd half of the year.