News Detail

Date/Time
26 Feb 2016 18:13:00
Headline
Clarification on the Change of Operational Performance Exceeding 20%
Symbol
QHHR
Source
QHHR
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                Operating result

Land and Houses Fund Management Co.,Ltd. as the management company of Quality 
Houses Hotel and Residence Freehold and Leasehold Property Fund ("QHHR") would
like to inform the clarification of the audited financial operation results for
the income statements for the year ended December 31, 2015 which exceeded 20%
from the same period last year as following:
For the income statements for the year ended December 31, 2015 QHHR's net assets
resulting from operations decreased by Baht 250.375 million compared to the
same period last year amounted to Baht  94.146 million, a increase of 166%,
mainly due to the followings.
1.    QHHR recorded rental and services income of Baht 243.168 million, compared 
with Baht 197.939 million recorded in the same period last year, a increase of
Baht 45.228 million or 23%.
2.    In 2015, QHHR was guaranteed by the guarantor for Baht 19.755 million. (The 
guarantees  ended  in July 19, 2015) When  compared to the same period last year
 of Baht 80.360 million, the amount decreased by Baht (60.605) million or (75%).
According to Clause 3.3 in the prospectus, QHHR is to receive a minimum income 
guaranteed from the guarantor. In 2014, Quality Houses Public Company Limited
agreed to guarantee a minimum rental income that QHHR would receive from Center
Point Hospitality Company Limited with the amount of Baht 278.30 million. If the
rental is below the guaranteed amount,  Quality Houses Public Company Limited
agrees to pay in cash the difference between two amounts  in two payments: the
first payment for 1 January to 30 June and the second payment for 1 July to 31
December. And the guarantees from the guarantor ended in July 19, 2015. For the
period from January 1, 2015 to July 19, 2015, Quality Houses Public Company
Limited agreed to guarantee a minimum rental income that QHHR would receive from
 Center Point Hospitality Company Limited with the amount of Baht 152.8 million.

3.    QHHR has unrealized gains on investment revaluation from independent 
appraisers when March 2,2015 by income approach method of Baht 7.00 million,
compared with the same period last year that had net unrealized losses on
investments revaluation of Baht (165) Million. As the tourism situation better
than last year.

Please kindly be informed accordingly
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