Chunghwa Telecom Reports Operating Results for the Calendar Year 2003 and the First Quarter of 2004
27 4월 2004 - 3:45PM
PR Newswire (US)
Chunghwa Telecom Reports Operating Results for the Calendar Year
2003 and the First Quarter of 2004 TAIPEI, Taiwan, April 27
/Xinhua-PRNewswire-FirstCall/ -- Chunghwa Telecom Co., Ltd (TAIEX:
2412, NYSE: CHT) ('Chunghwa' or 'the Company'), today reported
revenues for the year ending December 31, 2003 of NT$182.5billion,
net income of NT$47.3 billion and fully-diluted earnings per common
share (EPS) of NT$4.90, or US$1.44 per ADS. The Company also
reported earnings results for the first quarter of 2004 with
revenues of NT$45.6 billion, net income of NT$12.9 billion and
earnings per share (EPS) of NT$ 1.34, or US$ 0.41 per ADS. All
figures were prepared in accordance with US GAAP. Revenues and
Costs Total revenue for 2003 was NT$182.5bn, a 1.7% increase YoY.
Of this, 42.5% was from fixed-line services, 36.6% was from
wireless services and 19.5% was from Internet and data services,
with the remainder from others. Revenue from the Company's
wireless, and Internet and data services grew by 4.4% and 14%,
respectively. International and domestic long distance revenue
declined slightly by 0.2% and 4.1%, respectively, due to traffic
migration and fixed line competition. Local call revenue declined
by 6.5% YoY, mostly due to the mobile substitution effect and the
migration to broadband from dial-up Internet access. Total
operating costs and expenses for 2003 increased by 2.3% YoY. This
was primarily due to the increase in personnel expenses resulting
from discount provided for employee stock subscription. The Company
will continue to implement stringent cost control. Total revenue
for first quarter of 2004 was NT$45.6bn, a 3.2% increase YoY. Of
this, 39.0% was from fixed-line services, 38.2% was from wireless
services and 21.5% was from Internet and data services, with the
remainder from others. We have continued to shift our revenue mix
towards growing businesses including Internet and data and cellular
services. As compared to the first quarter of 2003, fixed-line
revenue decreased by 6.7%, and wireless, and Internet and data
revenue continued to grow by 7.8% and 14.7% respectively. Total
operating costs and expenses for first quarter of 2004 were
NT$30.6bn, a 1.8% decrease YoY. This was mainly due to decrease in
bad debt provision and depreciation and amortization expenses.
Businesses Performance Highlights Internet and Data Services --
Internet and data revenue for 2003 increased by 14.0% YoY to
approximately NT$35.6bn. Revenue in the first quarter of 2004 was
NT$9.8bn, a 14.7% increase YoY. -- Total Internet subscribers
number was over 3.55mn as of Dec. 31, 2003, a 7% increase YoY. In
the first quarter of 2004, we had 3.63mn subscribers contributed by
75,000 net addition at the end of March. -- ADSL subscribers
totaled 2.43mn as of Dec. 31, 2003, a 44% increase YoY. We had
continued our ADSL subscriber growth and had 2.59mn subscribers as
of the end of March. Wireless Services -- Total wireless revenues
for 2003 increased by 4.4% YoY to NT$66.8bn. For the first quarter
of 2004, wireless revenues grew by 7.8% YoY to NT$17.4bn. -- At the
end of 2003, mobile subscribers reached 8.27mn, a 11.4% YoY
increase. At the end of March 2004, we had 8.08mn mobile
subscribers. Chunghwa continued to be #1 in both revenue and
subscribers Chunghwa continues to be the leading wireless provider
in Taiwan in both revenue and subscriber market share with 36% and
33% respectively as of the end of February. Fixed Line Services --
Total fixed line revenues declined by 4.9% to NT$77.5bn mainly due
to fixed line competition, mobile substitution effect and
continuous migration of dial-up subscribers to ADSL broadband
services. Fixed-line revenue for the first quarter of 2004 was
NT$17.8bn, a decrease of 6.7% YoY. -- Chunghwa's total fixed line
subscriber base stood at approximately 13.14mn as of Dec. 31, 2003,
and increase of 1.2% YoY. As at the end of March 2004, the number
of fixed line subscribers totaled 13.18mn. Financial Statements
Financial statements and additional operational data can be found
on our website at http://www.cht.com.tw/ir/filedownload . About
Chunghwa Telecom Chunghwa Telecom (TAIEX 2412, NYSE: CHT) is the
leading telecom service provider in Taiwan. Chunghwa Telecom
provides fixed line, mobile and Internet and data services to
residential and business customers in Taiwan. Note Concerning
Forward-looking Statements Except for statements in respect of
historical matters, the statements made in this press conference
contain 'forward-looking statements" within the meaning of Section
27A of the U.S. Securities Act of 1933 and Section 21E of the U.S.
Securities Exchange Act of 1934. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause the actual performance, financial condition or
results of operations of Chunghwa Telecom to be materially
different from what may be implied by such forward-looking
statements. Investors are cautioned that actual events and results
could differ materially from those statements as a result of a
number of factors including, among other things: extensive
regulation of state owned enterprises by the ROC government and
extensive regulation of telecom industry; the intensely competitive
telecom industry; our relationship with our labor union; general
economic and political conditions, including those related to the
telecom industry; possible disruptions in commercial activities
caused by natural and human induced events and disasters, including
terrorist activity, armed conflict and highly contagious diseases,
such as SARS; and those risks identified in the section entitled
'Risk Factors' in Chunghwa Telecom's Form F-1 filed with the U.S.
Securities and Exchange Commission in connection with our U.S.
initial public offering. The financial statements included in this
press conference were unaudited, and prepared and published in
accordance with U.S. GAAP. Chunghwa Telecom also prepared certain
financial statements for the same periods discussed in this press
conference under ROC GAAP. Investors are cautioned that there are
many differences between ROC GAAP and U.S. GAAP. As a result, our
results under U.S. GAAP and ROC GAAP may in many events be
substantially different. The forward-looking statements in this
press conference reflect the current belief of Chunghwa Telecom as
of the date of this press conference and we undertake no obligation
to update these forward-looking statements for events or
circumstances that occur subsequent to such date. For inquiries:
Fufu Shen Investor Relations +886 2 2344 5488 DATASOURCE: Chunghwa
Telecom Co., Ltd CONTACT: Fufu Shen, Investor Relations of Chunghwa
Telecom Co., Ltd, +886-2-2344-5488,
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