Taiwan High Speed Rail (2633) Q1 2025 earnings summary

Executive summary

• Operating revenue for Q1 2025 was NT$13,373.6 million, nearly flat compared to Q1 2024 (NT$13,378.3 million).

• Net income for Q1 2025 was NT$1,862.3 million, down 11.6% year-over-year from NT$2,107.3 million.

• Gross profit margin decreased slightly to 46% from 47% in Q1 2024.

• The company operates exclusively in high-speed rail and related facilities.

Financial highlights

• Operating costs increased to NT$7,155.5 million (54% of revenue) from NT$7,045.6 million (53%).

• Operating expenses rose to NT$484.0 million from NT$445.8 million.

• Interest expense remained stable at NT$1,628.3 million.

• Stabilization reserve expense increased to NT$1,873.4 million from NT$1,720.4 million.

• Basic and diluted EPS for Q1 2025 were NT$0.33, down from NT$0.37.

Outlook and guidance

• The concession period for operations extends to 2068, providing long-term operational certainty.

• The company continues to assess the impact of new IFRS standards but expects no significant effect.