News Detail

Date/Time
01 Mar 2017 20:37:00
Headline
Operating Result Yearly Ending 31 Dec 2016
Symbol
MNRF
Source
MNRF
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                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
______________________________________________________________________
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