Chunghwa Telecom Q1 2024 Operating Results: Unaudited

Chunghwa Telecom Co., Ltd. (TAIEX: 2412, NYSE: CHT) (“Chunghwa” or “the Company”) has released its unaudited operating results for the first quarter of 2024, prepared in accordance with Taiwan-International Financial Reporting Standards (“T-IFRSs”) on a consolidated basis. Here are the key financial highlights for the first quarter of 2024:

  • Total revenue grew by 1.4% to NT$ 54.94 billion.
  • Revenue from the Consumer Business Group increased by 1.7% to NT$ 34.62 billion.
  • Revenue from the Enterprise Business Group decreased by 0.9% to NT$ 16.95 billion, but increased by 1.9% when excluding one-time items.
  • Revenue from the International Business Group increased by 13.3% to NT$ 2.41 billion.
  • Total operating costs and expenses increased by 2.4% to NT$ 43.03 billion.
  • Operating income decreased by 2.2% to NT$ 11.91 billion.
  • EBITDA decreased by 1.1% to NT$ 21.82 billion.
  • Net income attributable to stockholders of the parent decreased by 2.6% to NT$ 9.39 billion, with basic earnings per share (EPS) at NT$1.21.

Mr. Shui-Yi Kuo, Chairman and CEO of Chunghwa Telecom, expressed satisfaction with the strong start to 2024, citing record-high revenue for the first quarter since 2017 and the highest income before tax since 2016, excluding one-time government compensation. He highlighted Chunghwa’s continued dominance in the competitive landscape, with a 40.4% mobile revenue market share and a 37.7% subscriber share.

Mr. Chau-Young Lin, President of Chunghwa Telecom, elaborated on the performance of the Consumer, Enterprise, and International Business Groups. The Consumer Business Group saw growth across all primary operations, driven by mobile services’ robust growth due to the transition to 5G and an increase in postpaid subscribers. The Enterprise Business Group’s revenue increased, excluding one-time effects, with notable growth in big data analysis revenue. The International Business Group achieved double-digit growth in both revenue and income before tax, driven by increasing demands for international ICT projects.

Mr. Kuo emphasized Chunghwa’s investments in AI infrastructure, digital ecosystems, and sustainability practices. He expressed confidence in capitalizing on current momentum throughout the remainder of the year and beyond.

Further details include:

  • Mobile service revenue increased by 4.2% year over year.
  • Fixed broadband revenue grew year over year due to successful upselling of speed upgrades.
  • ICT business revenue increased, driven by big data services, cybersecurity, AIoT, and cloud services.
  • Cash flow from operating activities increased by 26.1% year over year.
  • EBITDA margin was 39.71%, compared to 40.68% in the same period of 2023.

In operational highlights, Chunghwa Telecom observed a 4.1% year-over-year increase in mobile subscribers and a 5.1% increase in total mobile service revenue. Additionally, fixed broadband revenue and ARPU experienced growth.

As of March 31st, 2024, Chunghwa Telecom reported 13.23 million mobile subscribers and 9.08 million fixed-line subscribers.

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