Far Eastone Telecommunications Co. Ltd.

07/09/2024 | Press release | Distributed by Public on 07/09/2024 05:02

Far EasTone Monthly Financial Highlights – June 2024

Taipei, Taiwan- July 9th, 2024- Far EasTone (TAIEX: 4904) today announced its unaudited financial results for June 2024. The company's growth engines, comprising its core telecommunications business and new economy business, continue to accelerate. Driven by the synergies from the merger with APT, continued customer upgrades to 5G, and steady growth in new economy revenue, the consolidated total revenue for June reached NT$8,528 million, representing an 18.2% year-over-year increase. EBITDA firmly surpassed NT$3 billion mark, reaching NT$3,012 million, reflecting a 12.5% annual growth rate. Regarding net income, although it was impacted by increased depreciation and amortization expenses from the merger, the profit from merger synergies overcame these challenges, achieving a 14.2% year-on-year growth rate in June. This marked a new high since June 2014, reaching NT$1.112 billion, with earnings per share (EPS) at NT$0.31.

For the first half this year, the YoY growth rates for consolidated total revenue, consolidated EBITDA, and net income were 15.3%, 12.4%, and 9.2% respectively, reaching NT$50,716 million, NT$17,828 million, and NT$6,029 million. The consolidated EBITDA not only set a new record for the same period, but the net income also surpassed the NT$6 billion mark, achieving a nine-year high. EPS was NT$1.67. All key metrics for the first half of 2024 exceeded company guidance, with consolidated total revenue and EBITDA reaching 102% and 103% of the targets, respectively, and EPS achieving 116%, demonstrating outstanding operational performance.

In June 2024, FET's 5G Postpaid penetration rate reached 40.5%, maintaining its market-leading position. The average revenue per user (ARPU) for postpaid subscriber steadily increased, achieving six consecutive months of growth since the merger, driving mobile service revenue up to NT$5.05 billion, marking 40 consecutive months of positive growth since March 2021.

FET successfully established its second growth curve, with new economy revenue maintaining strong growth momentum in the first half of 2024, achieving an annual growth rate of 13%. Among enterprise segment, smart ICT business revenue grew by 27% annually. For consumer segment, handset insurance and Direct Carrier Billing services saw an annual growth rate of 20%, while FET's friDay video experienced an annual growth rate of 15%, contributing to the stable growth of the new economy business.

Far EasTone Jun, 2024 Consolidated Financial Performance

Unit: NT$ million (except EPS)

Jun 2024

YoY%

Jan - Jun 2024

YoY%

Cons. Total Revenue

8,528

+18.2%

50,716

+15.3%

Cons. EBITDA

3,012

+12.5%

17,828

+12.4%

Cons. Net Income

1,112

+14.2%

6,029

+9.2%

EPS

NT$0.31

-

NT$1.67

-

Note:
※ Calculated based on the total outstanding shares of 3605.7 million shares.

For more information, please go to www.fareastone.com.tw or www.fetnet.net.