TAIPEI - Chunghwa Telecom Co (NYSE:CHT)., Ltd. (TAIEX: 2412, NYSE: CHT), Taiwan's largest telecommunications service provider, announced a slight increase in total revenue for the first quarter of 2024, reaching NT$54.94 billion, a 1.4% rise compared to the same period last year. However, the company experienced a modest decline in earnings, with basic earnings per share (EPS) reported at NT$1.21.
The company's Consumer Business Group saw a revenue increase of 1.7% to NT$34.62 billion, bolstered by strong mobile service revenue, which grew by 4.2% year-over-year (YoY). This growth was attributed to the successful transition to 5G, an increase in postpaid subscribers, and a rise in roaming revenue. Despite these gains, the Enterprise Business Group faced a 0.9% revenue decrease to NT$16.95 billion, largely due to the recognition of government compensation in the prior year. Excluding this one-time item, the group's revenue actually rose by 1.9%.
Chunghwa Telecom's International Business Group reported a notable 13.3% increase in revenue to NT$2.41 billion, driven by escalating demand for international ICT projects. Operating income, however, slid by 2.2% to NT$11.91 billion, and net income attributable to stockholders of the parent decreased by 2.6% to NT$9.39 billion.
Chairman and CEO Mr. Shui-Yi Kuo highlighted the company's strategic execution and dedicated team as key factors in achieving these results. "Our robust first quarter results have once again showcased the efficacy of our strategic execution and the excellence of our dedicated team," he stated. Mr. Kuo also emphasized the company's commitment to integrating low-carbon sustainable practices and its achievements in reducing carbon emissions while maintaining revenue growth.
Despite the slight dip in EPS, Chunghwa Telecom's operating results surpassed their proposed guidance. The company remains optimistic about its business developments and is confident in maintaining its current momentum throughout the year.
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