News Detail

Date/Time
06 Nov 2020 13:06:00
Headline
Management Discussion and Analysis Quarter 3 Ending 30 Sep 2020
Symbol
MNRF
Source
MNRF
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2020
Quarter                                  : Quarter 3
Ending                                   : 30-Sep-2020
Note                                     :
Ref: MFC PT. 78/2020

November 6, 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 Q3 ended 30 September 2020 over
20% from  the same period last year as follows;

For Q3 ended 30 September 2020, the Fund had net gain from investments of Baht 
3.77 million, comparing with net gain from investments of Baht 1.08 million of
the same period last year, or an increase of 250.88%. The main reasons were due
to the decrease in some expenses:

- The Fund's expenses was Baht 2.08 million compared with Baht 5.45 million in 
the same period last year, or a decrease of 61.78% due mainly from lower repair
& maintenance expense and the adjustment of the estimated land and building tax
which was higher than actually paid due from the governments' tax rate policy.

- The Fund had total revenue of Baht 6.08 million, compared with Baht 7.44 
million from the same period last year, or a decrease of 18.25% because of
slightly decrease in occupancy rate.

For nine-month period ended 30 September 2020, the Fund had net gain from 
investments of Baht 8.31 million, comparing with net loss from investments of
Baht 2.33 million in the same period last year, or an increase of 457.37%. The
main reasons were:

- During nine-month period ended 30 September 2020, the Fund has sold 
condominium units totaling 1 unit, whereas in the same period last year 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 in 2019 comparing with an unrealized loss on investment of Baht 1.11
million in 2020.

- The Fund had total revenue of Baht 20.19 million, compared with Baht 22.87 
million from the same period last year, or a decrease of 11.71% because of
slightly decrease in occupancy rate.

- The Fund's expense was Baht 11.37 million compared with Baht 17.33 million in 
the same period last year, or a decrease of 34.39% due to lower of repair &
maintenance expense and the adjustment of estimated land and building's tax.


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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