Far EasTone Telecommunications (FET) expects to see the user number of its 5G services to top one million or 20-30% of its total mobile subscribers by year-end 2021, after having already secured 400,000 subscribers since its 5G launch in July 2020.

The company aims to reach that goal by adopting a two-pronged approach: To continue focusing on its core fixed and mobile telecom businesses, while launching more innovative and new economics services with cross-sector partners, said company president Chee Ching.

Although its 2020 revenues of NT$79.501 billion (US$2.837 billion) were down 5.2% from a year earlier, the figures reached 104% of its target, according to company data.

Its net profits for 2020 also fell by 4.3% to NT$8.354 billion, pressing EPS down to NT$2.56 from NT$2.68 a year earlier. However, the NT$2.56 EPS was also higher than its target of NT$2.46 set earlier in the year.

The company's capex for 2021 will be higher than spent a year earlier, with plans to ramp up the number of its 5G base stations to 8,500-9,000 by year-end 2021 from 4,000 currently, boosting its 5G network coverage rate to over 83% in the year, Ching said.