Chunghwa Telecom Co (中華電信) slashed its full-year profit forecast 16 percent because of slow revenue growth and competition in the industry, the company said in a statement yesterday.
The company cut its forecast to NT$41.3 billion (US$1.2 billion) from the NT$49.4 billion estimate announced in April. Its sales forecast was reduced to NT$185 billion from NT$192 billion.
Chunghwa said earlier this month that sales in June fell 3.6 percent from a year earlier. The company has cut the price of its international calling card rates in response to overseas-rate cuts by closely held rival Taiwan Fixed Network Ltd (台灣固網). The company also competes against Taiwan Cellular Corp (台灣大哥大) and Far EasTone Telecommunications Co (遠傳電信) in mobile-phone services.
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