News Detail

Date/Time
06 Sep 2016 19:14:00
Headline
Clarification for the change of Fund's performance over 20%
Symbol
MNRF
Source
MNRF
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                Ref: MFC PT. 39/2016

September 5, 2016
Director and Manager    
The Stock Exchange of Thailand
Dear Sir,

Re : Clarification for the change of Fund's performance over 20%

MFC Asset Management Public Company Limited, as the Management Company of 
Multi-National Residence Fund ("the Fund"), would like to offer an explanation
for the change of the Fund's performance for the six-month period ended 30 June
2016 over 20% from the same period last year as follow.

For the six-month period ended 30 June 2016, the Fund had net loss from 
investments of Baht 159.08 million changed from a net loss on investments of
Baht 4.26 million in the same period last year, or a decrease of 3,636.12%. The
main reason was due to the followings.

- During the six-month period ended 30 June 2016 the Fund has hired an 
independent appraiser to revalue the properties. As a result, the Fund has
recognized an unrealized loss on properties revaluation of Baht 159.74 million
whereas in the same period last year the Fund has recognized an unrealized loss
of Baht 33.0 million.

- The Fund has total revenue of Baht 12.46 compared with Baht 38.10 million from
the same period last year, or a decrease of 67.29%. For the period end 30 June
2015, the Fund still has project lease agreements of Palmtree place, Nichada at
Eastern Seaboard and Danicha Garden Condominium with the lessee (Nichada
Property Company Limited) which were expired in May 12, 2015 whereas for the
period end 30 June 2016 the properties was transferred from the lessees and the
Fund has to procure for new tenants. The occupancy rate is quite low resulted in
 the low revenue generated to the Fund.

- The Fund has total expenses of Baht 11.81 million, increasing from 9.36 
million from the same period last year, representing a 26.15 % increase. Since
the properties were transferred from the lessees and managed by the Fund itself,
there were some expenses incurred such as central expenses, repair &
maintenance expenses, and utility expense and etc.


Kindly be advised accordingly.

Yours faithfully,



(Mr. Sommate Rungkakulnuwat)
Senior Vice President
Property and Infrastructure Fund Department
Tel. 02-649-2174, 2173
______________________________________________________________________
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