Connect with us

Technology

Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the Third Quarter of 2024

Published

on

TAIPEI, Nov. 6, 2024 /PRNewswire/ — Chunghwa Telecom Co., Ltd. (TAIEX: 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 third quarter of 2024 increased by 3.6% to NT$ 55.61 billion.

Consumer Business Group’s revenue for the third quarter of 2024 increased by 2.1% YoY to NT$ 34.43 billion. Mobile service revenue increased 3% YoY, mainly due to 5G migration and increasing postpaid subscribers, the steady growth of fixed broadband revenue, and the increase of OTT revenue generated from our exclusive broadcast of the Paris Olympic Games. Sales revenue increased 1.3% YoY mainly due to the launch of iPhone 16 series. CBG’s income before tax decreased 0.6% YoY, mainly due to the one-time broadcasting rights fee of the Paris Olympic Games.

Enterprise Business Group’s revenue for the third quarter of 2024 increased 5.9% YoY to NT$ 17.60 billion, mainly driven by our robust growth in ICT business, which saw a 22% year-over-year increase in revenue, fueled by the strong performance of our emerging services. The decline in mobile and fixed voice services offset the growth of 5G migration and speed upgrades, resulting in a slight year-over-year decrease in EBG’s mobile and fixed-line revenues in the third quarter, while income before tax also experienced a year-over-year decrease.

International Business Group’s revenue for the third quarter of 2024 increased by 1.4% to NT$ 2.37 billion, while its income before tax increased 11% YoY. The positive growth was mainly due to the vibrant demand for ICT business in the international market.

Operating Costs and Expenses

Total operating costs and expenses for the third quarter of 2024 increased by 4.8% to NT$ 44.23 billion, mainly due to higher manpower cost and the one-time broadcasting rights fee of the Paris Olympic Games.

Operating Income and Net Income

Operating income for the third quarter of 2024 decreased by 0.8% to NT$ 11.38 billion. The operating margin was 20.5%, as compared to 21.4% in the same period of 2023. Net income attributable to stockholders of the parent decreased by 1% to NT$ 9.01 billion. Basic earnings per share was NT$1.16.

Cash Flow and EBITDA

Cash flow from operating activities, as of September 30th, 2024, decreased by 0.3% year over year to NT$ 49.76 billion, mainly due to a rise in settlement of tax payments, which were deferred to Q4 last year.

Cash and cash equivalents, as of September 30th, 2024, decreased by 2.5% to NT$ 31.22 billion as compared to that as of September 30th, 2023.

EBITDA for the third quarter of 2024 was NT$ 21.26 billion, decreasing by 0.5% year over year. EBITDA margin was 38.23%, as compared to 39.84% in the same period of 2023.

Business Highlights

Mobile

As of September 30th, 2024, Chunghwa Telecom had 13.01 million mobile subscribers, representing a 0.6% year-over-year increase. In the third quarter, total mobile service revenue increased by 2% to NT$ 16.75 billion, while mobile post-paid ARPU excluding IoT SIMs maintained stable and flat year over year at NT$ 552.

Fixed Broadband/HiNet

As of September 30th, 2024, the number of broadband subscribers slightly increased by 0.7% to 4.42 million. The number of HiNet broadband subscribers increased by 1.3% to 3.73 million. In the third quarter, total fixed broadband revenue grew 3.4% year over year to NT$ 11.32 billion, while ARPU increased 1.5% to NT$ 786.

Fixed line

As of September 30th, 2024, the number of fixed-line subscribers was 8.95 million.

Financial Statements

Financial statements and additional operational data can be found on the Company’s website at http://www.cht.com.tw/en/home/cht/investors/financials/quarterly-earnings

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Chunghwa’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to the risks outlined in Chunghwa’s filings with the U.S. Securities and Exchange Commission on Forms F-1, F-3, 6-K and 20-F, in each case as amended. The forward-looking statements in this press release reflect the current belief of Chunghwa as of the date of this press release and Chunghwa undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date, except as required under applicable law.

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

NON-GAAP FINANCIAL MEASURES

To supplement the Company’s consolidated financial statements presented in accordance with International Financial Reporting Standards pursuant to the requirements of the Financial Supervisory Commission, or T-IFRSs, Chunghwa Telecom also provides EBITDA, which is a “non-GAAP financial measure”.  EBITDA is defined as consolidated net income (loss) excluding (i) depreciation and amortization, (ii) total net comprehensive financing cost (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other financing costs and derivative transactions), (iii) other income, net, (iv) income tax, (v) (income) loss from discontinued operations.

In managing the Company’s business, Chunghwa Telecom relies on EBITDA as a means of assessing its operating performance because it excludes the effect of (i) depreciation and amortization, which represents a non-cash charge to earnings, (ii) certain financing costs, which are significantly affected by external factors, including interest rates, foreign currency exchange rates and inflation rates, which have little or no bearing on our operating performance, (iii) income tax (iv) other expenses or income not related to the operation of the business. 

CAUTIONS ON USE OF NON-GAAP FINANCIAL MEASURES

In addition to the consolidated financial results prepared under T-IFRSs, Chunghwa Telecom also provide non-GAAP financial measures, including “EBITDA”. The Company believes that the non-GAAP financial measures provide investors with another method for assessing its operating results in a manner that is focused on the performance of its ongoing operations.

Chunghwa Telecom’s management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company’s operating results, as well as when forecasting and analyzing future periods. However, the Company recognizes that:

these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company’s T-IFRSs financial measures;these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company’s T-IFRSs financial measures;these non-GAAP financial measures should not be considered to be superior to the Company’s T-IFRSs financial measures; andthese non-GAAP financial measures were not prepared in accordance with T-IFRSs and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principle.

Further, these non-GAAP financial measures may be unique to Chunghwa Telecom, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company’s results to the results of other companies. Readers are cautioned not to view non-GAAP results as a substitute for results under T-IFRSs, or as being comparable to results reported or forecasted by other companies.

About Chunghwa Telecom

Chunghwa Telecom (TAIEX 2412, NYSE: CHT) (“Chunghwa” or “the Company”) is Taiwan’s largest integrated telecommunications services company that provides fixed-line, mobile, broadband, and internet services. The Company also provides information and communication technology services to corporate customers with its big data, information security, cloud computing and IDC capabilities, and is expanding its business into innovative technology services such as IoT, AI, etc. Chunghwa has been actively and continuously implemented environmental, social and governance (ESG) initiatives with the goal to achieve sustainability and has won numerous international and domestic awards and recognitions for its ESG commitments and best practices. For more information, please visit our website at www.cht.com.tw

Contact: Angela Tsai

Phone: +886 2 2344 5488

Email: chtir@cht.com.tw

View original content:https://www.prnewswire.com/news-releases/chunghwa-telecom-reports-un-audited-consolidated-operating-results-for-the-third-quarter-of-2024-302297363.html

SOURCE Chunghwa Telecom

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Avantor® Appoints Dame Louise Makin, DBE, Ph.D., to its Board of Directors

Published

on

By

RADNOR, Pa., Nov. 6, 2024 /PRNewswire/ — Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, announced that the Avantor Board of Directors has appointed Dame Louise Makin, DBE, Ph.D., as a director with an initial term expiring at Avantor’s 2025 Annual Meeting of Stockholders. The appointment of Dame Louise as an independent director fills a vacant board seat.

Dame Louise brings a wealth of leadership and industry experience to the Avantor Board. She served as Chief Executive Officer of BTG plc, an international specialist healthcare company, for 15 years and led their transformation through organic growth and acquisitions. The company was acquired by Boston Scientific in 2019. Earlier in her career, she held several leadership positions at Baxter Healthcare, most recently as President of Biopharmaceuticals Europe.

“Dame Louise has a proven track record of success in the life sciences industry, and we are excited to welcome her to the Avantor Board of Directors,” said Jonathan Peacock, Chairman of the Avantor Board. “Her addition further demonstrates Avantor’s commitment to ensuring we have a diverse Board, with the right mix of skillsets and experience to drive innovation across our portfolio, advance our mission, and create long-term shareholder value.”

“It is an honor to join the Avantor Board of Directors, and I look forward to working closely with the board and executive team to further strengthen the company’s position as a leader in the life sciences and advanced technologies industries,” said Dame Louise. “Avantor’s global reach, innovative products, and services uniquely position it to drive advancements at every stage of the scientific journey and deliver differentiated value to its many stakeholders.”

“Dame Louise is an excellent addition to our Board. I welcome her insights and expertise as we continue to execute our strategic plan to drive long-term growth and value creation,” said Michael Stubblefield, Avantor President and Chief Executive Officer.

Dame Louise currently serves as non-executive chair of the Halma plc Board of Directors and has served as a Non-Executive Director on the Boards of Premier Foods plc, Intertek Group plc, Woodford Patient Capital Trust, Atotech Ltd., and Theramex Ltd. She was also a Trustee of The Outward Bound Trust for 10 years and Chair of the 1851 Trust for five years.

Dame Louise is an Honorary Fellow of St John’s College, Cambridge. She holds both a master’s degree in natural sciences and a Ph.D. in material sciences from the University of Cambridge and earned an MBA from The Open University in Milton Keynes, England. She became a Dame Commander of the Order of the British Empire in 2014.

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedInX (Twitter) and Facebook.

Global Media Contact
Eric Van Zanten
Head of External Communications
Avantor
610-529-6219
Eric.VanZanten@avantorsciences.com

Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
805-617-5297
Christina.Jones@avantorsciences.com

 

View original content:https://www.prnewswire.com/news-releases/avantor-appoints-dame-louise-makin-dbe-phd-to-its-board-of-directors-302297011.html

SOURCE Avantor and Financial News

Continue Reading

Technology

Phoenix IB Advises Spray Products in Successful $40 Million Refinancing

Published

on

By

PHILADELPHIA, Nov. 6, 2024 /PRNewswire/ — Phoenix IB®, a part of J.S. Held, a leading middle market special situations investment bank and independent licensed broker-dealer under federal and state securities law (CRD#: 132710/SEC#: 8-66628), acted as the exclusive investment banker to its long-term client, Spray Products Corporation, in arranging, structuring, and negotiating a $40 million loan package with Legacy Corporate Lending. 

J.S. Held subsidiary Phoenix IB closes refinancing with Legacy Corporate Lending.

“Phoenix IB is delighted with the credit package we were able to arrange for Spray Products,” noted Michael Jacoby, a Senior Managing Director at Phoenix IB. “Not surprisingly, there was a lot of interest from a variety of lenders, both regulated and non-regulated. The Legacy team spent the time to understand the Company and its business plan, and tailored a solution that fit Spray’s needs and will provide the necessary support for years to come.”

Spray Products is a leading custom contract manufacturer of aerosol and liquid consumer products. Proceeds from the financing will be utilized to refinance the Company’s existing credit facilities and fund additional working capital to finance its continued growth and capital expenditures. Peter Bastian, Executive Vice President of Spray Products LLC, shares, “We could not be more pleased with the closing of our new financing with Legacy Corporate Lending and the guidance we received throughout the transaction from Phoenix IB. The Phoenix team was able to successfully communicate our story, and through our new facility with Legacy, we are confident we have partnered with a firm that shares our values and is excited to support Spray’s next phase of growth.” 

Legacy Corporate Lending LLC, in alliance with Bain Capital Credit, L.P., specializes in providing revolving credit facilities and term loans to businesses across diverse industries. The firm aims to facilitate access to capital for companies seeking alternatives to traditional bank lending or the syndicated lending market.

“We were extremely impressed with the refinancing process that Phoenix IB led for Spray Products,” said Clark Griffith, CEO of Legacy Corporate Lending, LLC. “The professionalism and fairness shown by Steven Warsaw, Michael Jacoby, and the team was refreshing to experience and appreciated in this competitive market. Our process was easy to navigate given the quality of the information, their responsiveness to questions, and the approach they took in understanding the best borrower/lender fit.”

Doug Greer, Spray Products Chief Financial Officer, adds, “Michael Jacoby, Steven Warsaw, and their team spent considerable time to understand the intricacies of our business and worked closely with us to develop a financing structure that meets our needs for the next several years. We believe that we will continue to see the benefits of their collaboration with our business well beyond our engagement.”

Across a broad spectrum of client types, from start-ups in an early stage with exciting growth potential to a mature company amid a corporate turnaround, Phoenix IB capital raising services are designed to provide tailored financing solutions across the capital structure, particularly for clients faced with complex growth or funding situations. “At Phoenix IB, every transaction we close reflects our precision, perseverance, and partnership with our clients,” shares Phoenix IB Managing Director Steven C. Warsaw. Mr. Warsaw continues, “The robust interest in financing Spray Products created a highly competitive process, and we are very pleased to have selected the loan package provided by Legacy, which we feel is best positioned to provide needed flexibility as Spray facilitates its next chapter of growth.”

About Phoenix IB

Phoenix IB is a boutique, special situations-oriented investment bank providing seamless investment banking solutions, including M&A advisory, complex restructurings, and capital placements. Phoenix IB is a US registered broker-dealer and member of FINRA and SIPC.

As a part of J.S. Held, Phoenix works alongside more than 1500 professionals globally and assists clients – corporations, insurers, law firms, governments, and institutional investors.

J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high-stakes events demanding urgent attention, staunch integrity, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.

J.S. Held professionals serve organizations across six continents, including 81% of the Global 200 Law Firms, 70% of the Forbes Top 20 Insurance Companies (85% of the NAIC Top 50 Property & Casualty Insurers), and 65% of the Fortune 100 Companies.

J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held, its affiliates and subsidiaries are not law firms and do not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB, a part of J.S. Held, member FINRA/ SIPC or Ocean Tomo Investment Group, LLC, a part of J.S. Held, member FINRA/ SIPC. All rights reserved.

Media Contact

Kristi L. Stathis, J.S. Held, +1 773 294 4360, Kristi.Stathis@jsheld.com, JSHeld.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/phoenix-ib-advises-spray-products-in-successful-40-million-refinancing-302297143.html

SOURCE Phoenix IB, a part of J.S. Held

Continue Reading

Technology

Grovara’s Safe B2B CPG Global Trading Platform Expands Product Offering Into Eyewear, Will Add 10-Plus Complementary Verticals By End Of 2025

Published

on

By

PHILADELPHIA, Nov. 6, 2024 /PRNewswire/ — Grovara, the safe, all-in-one platform streamlining global trade for the Business-to-Business (B2B) Consumer Packaged Goods (CPG) industry, is expanding the offerings on its online marketplace beyond food and beverage beginning with the rapidly growing eyewear market.

The global eyewear market is projected to grow by more than 18% through 2029, presenting a tremendous growth opportunity via higher margins and increasing online sales. Grovara is now selling Popticals, collapsible sunglasses for active lifestyles featuring Italian craftsmanship and superior lens technology. In the coming weeks there are plans to add additional eyewear brands, which can now tap Grovara’s technology to simplify their typical sales transaction from three weeks to three clicks. 

“The potential for Grovara’s platform is infinite, and expanding into the eyewear vertical is a great step forward as we ramp up and evolve our SaaS technology offering,” says Grovara CEO Peter Groverman. “Whether you’re selling a kombucha or carousel of sunglasses, the transaction process is the same and Grovara’s platform handles the full process.”

Popticals deliver an unequaled combination of quality, performance, and convenience. The brand boasts an innovative nylon-based lens technology, plus a patented micro-rail system that allows its glasses to collapse down for uniquely easy storage.

“We are excited to join Grovara’s growing platform and bring our unique product within the premium sunglasses market to a global audience,” says Gary DiSalvo, Owner and CEO of Popticals. “This partnership allows us to share our commitment to quality and innovation with more people. Additionally, it aligns with Grovara’s mission of making high-quality, complementary products easily accessible to businesses around the world.”

Over the last decade, Grovara has become a leader in the natural food and beverage sector by growing the global profile of some of the most well-known brands in the world – like GT’s Kombucha, True Citrus, and Honey Stinger — and helping them break into new markets. Grovara’s expansion into other complementary verticals will include 10 new product categories over the next 12 months, including beauty, pets, home goods, and alcohol.

Grovara’s CPG expansion is powered by its partnership with Accelerate360, an omni-commerce sales, media, and distribution company that propels promising brands by supercharging affinity and availability. Accelerate360 recently launched 50 models of premium reader eyeglasses on Grovara with many more categories and brands on the way.

“We are excited to partner with Grovara as they establish new product categories and provide expanded opportunities for entrepreneurs and challenger brands” says Accelerate360’s Sam Roberts, VP of eCommerce – Pure Play & Omni-Channel Retail.

Those CPG brands interested in joining Grovara’s platform can reach out for a demo of its SaaS technology here.

Contact:
J.A. Petrucci
215-203-2227
385927@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/grovaras-safe-b2b-cpg-global-trading-platform-expands-product-offering-into-eyewear-will-add-10-plus-complementary-verticals-by-end-of-2025-302297505.html

SOURCE Grovara

Continue Reading

Trending