01 Mar 2017 20:37:00
Operating Result Yearly Ending 31 Dec 2016
Operating result March 1, 2017 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 year 2016 over 20% from the same period last year as follow. For year 2016, the Fund had net loss from investments of Baht 147.26 million changed from a net loss on investments of Baht 7.14 million in the same period last year, or a decrease of 1,961.86%. The main reason was due to the followings. - During the year 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 145.19 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 23.78 compared with Baht 50.70 million from the same period last year, or a decrease of 53.08%. For year 2016, 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 year 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 25.85 million, increasing from 24.84 million from the same period last year, representing a 4.09 % 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 ______________________________________________________________________ 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.