Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the Third Quarter of 2024
TAIPEI, Nov. 6, 2024 /PRNewswire/ -- Chunghwa Telecom Co., Ltd. (IEX:2412, NYSE:CHT) ("Chunghwa" or "the Company") today reported its un-audited operating results for the third quarter of 2024. All figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("T-IFRSs") on a consolidated basis.
(Comparisons throughout the press release, unless otherwise stated, are made with regard to the prior year period.)
Third Quarter 2024 Financial Highlights
Total revenue increased by 3.6% to NT$ 55.61 billion.
Consumer Business Group revenue increased by 2.1% to NT$ 34.43 billion.
Enterprise Business Group revenue increased by 5.9% to NT$ 17.60 billion.
International Business Group revenue increased by 1.4% to NT$ 2.37 billion.
Total operating costs and expenses increased by 4.8% to NT$ 44.23 billion.
Operating income decreased by 0.8% to NT$ 11.38 billion.
EBITDA decreased by 0.5% to NT$ 21.26 billion.
Net income attributable to stockholders of the parent decreased by 1% to NT$ 9.01 billion.
Basic earnings per share (EPS) was NT$1.16.
Operating income, net income attributable to stockholders of the parent, and EPS all exceeded our proposed guidance.
"The Company delivered solid results in this quarter highlighted by exceptional operational performance across all business segments," stated Mr. Chih-Cheng Chien, Chairman and CEO of Chunghwa Telecom. "We have set a new record for total revenue for the same quarter over the past seven years, reinforcing our leadership in Taiwan's mobile market with a revenue market share of 40.3% and a subscriber share of 37.8%. Our blended 5G penetration rate continued to expand to 33.5%, maintaining leadership in Taiwan. Additionally, thanks to our expansion on cross-tier upgrade promotion package to include 1Gbps service offerings, our 1 Gbps subscriber net-adds doubled during the quarter."
"Looking into the details of our three business groups, the Consumer Business Group maintained its healthy growth trajectory, driven by 5G migration and increasing postpaid subscribers, steady fixed broadband revenue, and higher OTT revenue from our exclusive broadcast of the Paris Olympic Games. We achieved double-digit year-over-year growth in video-related revenue, driven by the increasing subscriptions to our video platforms, which have exceeded 3 million," said Mr. Rong-Shy Lin, President of Chunghwa Telecom. "Our Enterprise Business Group performed as anticipated, driven by a robust 22% year-over-year growth in our ICT business revenue. Notably, revenue from 5G private networks and big data analysis surged significantly, fueled by the 5G O-RAN project and smart government initiatives. Furthermore, we are pleased with the performance of our International Business Group, where income before tax increased by 11% year-over-year, primarily driven by our overseas ICT business. Excitingly, our European subsidiary in Frankfurt commenced operations on July 30, and we are well-prepared to offer ICT solutions to high-tech European markets," added Mr. Lin.
"In terms of development of advanced networks and technologies, Chunghwa Telecom continues to lead the industry by initiating the world's first IOWN APN between Taiwan and Japan with NTT Group during the quarter. We are also the exclusive provider of OneWeb low-earth-orbit satellite, with more than 90% coverage in Taiwan by the third quarter," Mr. Chien continued. "On the ESG front, we have received SBTi's verification for our Net-Zero greenhouse gas emissions target, making us the first operator in Taiwan to commit to achieving Net-Zero by 2045, ahead of the world roadmap of 2050. Additionally, we have obtained carbon footprint verification for all of our service centers nationwide, distinguishing us as the only telecom company in Taiwan to achieve this milestone. We remain dedicated to leading the way in ESG best practices."
"Our solid performance across various sectors underscores our commitment to providing high-quality, advanced, and convenient telecom services. We remain confident that our new management team will continue to drive our progress and create value for our stakeholders," Mr. Chien added.
Revenue
Chunghwa Telecom's total revenues for the ...
