Taiwan High Speed Rail (2633) Q3 2024 earnings summary

Executive summary

• Achieved operating revenue of $39.75 billion for the nine months ended September 30, 2024, up 8.5% year-over-year, with net income of $5.10 billion, a 2.1% increase from the prior year period.

• Earnings per share for the nine months were NT$0.91, compared to NT$0.89 for the same period last year.

• The company operates under a 70-year concession agreement, with profit sharing and stabilization reserve mechanisms in place.

Financial highlights

• Gross profit margin remained stable at 44% for the nine months ended September 30, 2024.

• Operating income reached $16.19 billion, up from $15.04 billion year-over-year.

• Interest expense for the period was $4.99 billion, slightly down from $5.10 billion in the prior year.

• Cash and cash equivalents stood at $11.36 billion as of September 30, 2024, down from $17.57 billion at year-end 2023.

• Total assets were $383.11 billion, with total liabilities of $312.42 billion and equity of $70.70 billion as of September 30, 2024.

Outlook and guidance

• The company continues to invest in infrastructure and maintain a strong liquidity position to support ongoing operations and capital expenditures.

• No significant post-reporting period events or changes in segment structure were noted.