News Detail

Date/Time
11 Nov 2019 17:15:00
Headline
Management Discussion and Analysis Quarter 3 Ending 30 Sep 2019
Symbol
MNRF
Source
MNRF
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2019
Quarter                                  : Quarter 3
Ending                                   : 30-Sep-2019
Note                                     :
Ref: MFC PT. 94/2019

November 11, 2019
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 quarter 3 ended 30 September 2019
over 20% from  the same period last year as follows;

For quarter 3 ended 30 September2019, the Fund had net gain from investments of 
Baht 1.08 million, increasing from Baht 0.98 million in the same period last
year, or an increase of 9.92%. The main reason was due to the followings.

- The Fund had total revenue of Baht 7.44 million, compared with Baht 7.17 
million from the same period last year, or an increase of 3.68% due to a
slightly increase in occupancy rate.

- The Fund's expenses was Baht 5.45 million compared with Baht 6.20 million in 
the same period last year, or a decrease of 12.16% from some expenses decrease
such as central expense.

For nine-month period ended 30 September 2019, the Fund had net loss from 
investments of Baht 2.33  million, decreasing from a net gain from investment of
Baht 3.96 million in the same period last year, or a decrease of 158.74%. The
main reason was due to the followings.

- During nine-month period ended 30 September 2019, the Fund has sold 
condominium units totaling 16 units, the fair value of the units sold has to be
adjusted, resulted in an unrealized loss on investment of Baht 9.80 million
whereas in the same period last year the Fund has no such transaction

- The Fund had total revenue of Baht 22.80 million, compared with Baht 21.10 
million from the same period last year, or an increase of 8.40% because of a
slightly increase in occupancy rate.

- The Fund's expenses was Baht 17.33 million compared with Baht 17.13 million in
the same period last year, or  an increase of 1.14% due mainly from higher
repair & maintenance expense and property management  from more tenants moving
in .


Kindly be informed accordingly.

Yours faithfully,


(Ms. Natree Panassutrakorn)
Executive Vice President


REIT, Property and Infrastructure Fund Department
02-649-2175
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