Taipei, Jan. 13, 2009 (CENS)--Taiwan Mobile Corp. is estimated to unseat Chunghwa Telecom Co., Ltd. as Taiwan`s best profit earner last year, with earnings per share (EPS) reaching NT$5.18 per share vs. Chunghwa`s estimated NT$4.5 per share.

Industry watchers ascribe Taiwan Mobile`s excellent earnings mostly to its capital reduction, which aimed to improve its financial structure.

In spite of its record EPS, Taiwan Mobile`s 2008 after-tax net income, at NT$15.3 billion (US$465 million at US$1:NT$33), was only 98% of its goal. The company blamed the fewer-than-expected result on a NT$1.47 billion (US$44.5 million) loss from disposal of scrapped fixed asset and the ongoing economic crisis, which has put a damper on consumption of telecommunications connection.

The company`s internal calculation shows its consolidated revenue is around NT$69.3 billion (US$2.1 billion), its EBITDA (earnings before interest, taxes, depreciation and amortization) is around NT$30 billion (US$909 million), operating income is around NT$21.7 billion (US$660 million), after-tax net income is NT$15.3 billion (US$465 million) and earnings per share are NT$5.18 throughout 2008.

In December 2008, the company had consolidated revenue of NT$5.7 billion (US$173 million), EBITDA of NT$2.3 billion (US$71 million), operating income of NT$1.6 billion (US$49 million), after-tax earnings of NT$990 million (US$30 million), and EPS of NT$0.33.

The consolidated revenue represented a 5% increase from a month earlier mostly thanks to a 6% growth in mobile service and a 9% gain in value-added service.

Chunghwa Telecom recently announced that its 2008 revenue is NT$186.7 billion (US$5.6 billion). Institutional investors estimated the company`s 2008 earnings to be NT$4.47 per share based on the NT$3.86 it made throughout the first 11 months last year. Its revenue for the first 11 months last year was NT$170.9 billion (US$5.1 billion), inching up 0.1% from the same period of last year. In meantime, the company had operating income of NT$55.5 billion (US$1.6 billion) and after-tax net income of NT$44.8 billion (US$1.3 billion).

(by Ken Liu)