Chunghwa Telecom Co., Ltd. (NYSE:CHT) Q1 2024 Earnings Conference Call May 2, 2024 3:00 AM ET

Company Participants

Angela Tsai - Director of Investor Relations
Harrison Kuo - Chairman
Ivan Lin - President
Vincent Chen - Chief Financial Officer

Conference Call Participants

Neale Anderson - HSBC

Operator

Good afternoon, ladies and gentlemen. Welcome to Chunghwa Telecom Conference Call for the Company's First Quarter 2024 Operating Results.

During the presentation, all lines will be in a listen-only mode. When the briefing is finished, directions for submitting your questions will be given in the question-and-answer session. For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within an hour after the conference is finished. Please visit CHT IR website www.cht.com.tw/ir under the IR calendar section.

Now, I would like to turn it over to Ms. Angela Tsai, Assistant Vice President of Investor Relations. Thank you. Ms. Tsai, please go ahead.

Angela Tsai

Thank you. I'm Angela Tsai, Assistant Vice President of the Financial Department for Chunghwa Telecom. Welcome to our first quarter 2024 results conference call. Joining me on the call today are our Chairman. Harrison Kuo; President, Ivan Lin; and Vincent Chen, our Chief Financial Officer.

During today's call, management will begin by providing Chairman's message and our business overview in the first quarter, followed by a discussion of our segment performance and the financial results. After, we will move on to the question-and-answer portion of the call. On Slide 2, please read our disclaimers and notes concerning forward-looking statements.

Now I will turn the call over to Chairman. Chairman, Kuo, please go ahead.

Harrison Kuo

Thank you Angela and hello everyone. Welcome to our first quarter 2024 results conference call. In the first quarter, we proudly announced our success in expanding our lead in Taiwan's telco market. Amidst the robust three player landscape, our revenue share in Taiwan's mobile market continued to steadily grow, climbing from 40.3% to 40.4% quarter-over-quarter, while subscribers share enjoying an increase from 37.6% to 37.7%, maintaining the growth trajectory after the market consolidation completed last third quarter.

Our financial performance also speaks for our business success. Total revenue in the first quarter hit a new high for the same period since 2017. Income before tax also reached a record high for the same period since 2016. On the basis of excluding the one-time item of the government compensation for ST-2 satellite recognized in the first quarter last year.