News Detail

Date/Time
13 Aug 2020 13:21:00
Headline
Management Discussion and Analysis Quarter 2 Ending 30 Jun 2020
Symbol
MNRF
Source
MNRF
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2020
Quarter                                  : Quarter 2
Ending                                   : 30-Jun-2020
Note                                     :
Ref: MFC PT. 63/2020

August 13, 2020
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 provide an explanation
for the change of the Fund's performance for Q2 ended 30 June 2020 over 20%
from  the same period last year as follows;

For Q2 ended 30 June 2020, the Fund had net gain from investments of Baht 1.87 
million, comparing with net loss from investments of Baht 0.74 million of the
same period last year, or an increase of 354.01%. The main reasons were due to:

- During Q2 ended 30 June 2020, the Fund has no adjustment on investment value, 
whereas in the same period last year the Fund has sold condominium totaling 7
units in which the fair value of the units sold has to be adjusted. That
resulted in an unrealized loss on investment of Baht 3.51 million.

- For Q2 of 2020, the Fund had total revenue of Baht 6.89 million, compared with
Baht 7.41 million from the same period last year, or a decrease of 7.07% due to
 slightly decrease in occupancy rate.

- The Fund's expenses was Baht 5.02 million compared with Baht 5.51 million in 
the same period last year, or a decrease of 8.91%.

For six-month period ended 30 June 2020, the Fund had net gain from investments 
of Baht 4.54  million, comparing with net loss from investments of Baht 3.40
million in the same period last year, or an increase of 233.44%. The main
reasons were:

- During six-month period ended 30 June 2020, the Fund has adjusted the market 
value of property applying expected sale price of asset instead of appraisal
value, as a result, the Fund has recognized an unrealized loss on properties
revaluation of Baht 0.89 million whereas in the same period of 2019 the Fund has
sold condominium units totaling 13 units, the fair value of the units sold has
to be adjusted, resulted in an unrealized loss on investment of Baht 8.49
million

- The Fund had total revenue of Baht 14.12 million, compared with Baht 15.44 
million from the same period last year, or a decrease of 8.56% because of
slightly decrease in occupancy rate.

- The Fund's expense was Baht 9.29 million compared with Baht 11.89 million in 
the same period last year, or a decrease of 21.84% due mainly from lower repair
& maintenance expense.


Kindly be informed accordingly.

Yours faithfully,


(Ms. Natree Panassutrakorn)
Executive Vice President
REIT, Property and Infrastructure Fund Department
02-649-2000
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