26 Feb 2016 18:13:00
Clarification on the Change of Operational Performance Exceeding 20%
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 ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.