Chunghwa Telecom Co., Ltd. has set its revenue goal for this year at NT$183.4 billion (US$5.5 billion at US$1:NT$33) and that for 2014 at NT$191.3 billion (US$5.7 billion), with projected after-tax net income for this year being NT$4 per share.

Taiwan’s No.1 telecom carrier recently called an executive conference to map out strategies for corporate operation over the next five years.

The company’s chairman, S.J. Lu, pointed out that this year would be the company’s worst since the outbreak of the world economic downturn. The company recently forecast its revenue for the current quarter to be NT$45.8 billion (US$1.3 billion) and after-tax net income for the same quarter to be NT$0.93 per share, contracting 21% from last quarter and 30% from same quarter of last year.

Such reduced earning projection has prompted foreign institutional investors to lower their ratings on Chunghwa.

Lu has instructed executives to make all-out efforts to cut costs. As part of its five-year plan, the company will tap business opportunities in the six strategic industries being fostered by the government: tourism, creative digital culture, refined agriculture, and energy conservation.