Chunghwa Telecom forecast 2023 net profit to drop by up to 5 per cent, while expecting total revenue to rise as customers migrate to its expanding 5G network and it continues to add new subscribers.

Its 2023 guidance pegged net income at TWD34.6 billion ($1.1 billion) to TWD36.1 billion, down 5.4 per cent to 1.2 per cent year-on-year. Revenue is predicted to range from TWD221.3 billion to TWD222.8 billion, up 2.1 per cent to 2.8 per cent.

In a statement, chairman and CEO Sheih Chi-Mau noted the company will continue to expand private 5G networks for enterprises.

He attributed a 2.1 per cent year-on-year decline in consumer business group revenue to TWD35 billion in Q4 2022 to unstable iPhone supplies resulting from the Covid-19 (coronavirus) pandemic.

Mobile service revenue rose 5.8 per cent to TWD15.7 billion, aided by a 3.3 per cent increase in post-paid ARPU to TWD533 and 5.9 per cent growth in mobile subscribers to 12.6 million.

Enterprise sales increased 2.9 per cent to TWD21.2 billion.

Total revenue was flat at TWD59.5 billion, as mobile and enterprise gains were offset by a 7.1 per cent decline in international business turnover to TWD1.9 billion, due to government subsidies recognised in Q4 2021.

Net income fell 2.2 per cent to TWD8.5 billion.

Full-year capex decreased by 10.7 per cent to TWD31.5 billion.