24 Feb 2021 13:05:00
Management Discussion and Analysis Yearly Ending 31 Dec 2020
Management Discussion and Analysis Company name : MULTI-NATIONAL RESIDENCE FUND Year : 2020 Quarter : Yearly Ending : 31-Dec-2020 Note : Ref: MFC PT. 08/2021 February 24, 2021 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 year ended 31 December 2020 over 20% from the same period last year as follows; For year 2020, the Fund had net loss from investments of Baht 0.18 million, increasing from net loss from investments of Baht 36.04 million in 2019, or an increase of 99.50%. The main reason was due to the followings. - During year 2020, the Fund has revalued the fair value of investment in property and also the Fund had sold condominium units totaling 5 units and 1 unit of two-storey house in Palm Tree Project, the fair value of the appraisal value and the sold units have to be adjusted, resulted in an unrealized loss on investment of Baht 14.05 million whereas in 2019 the Fund had unrealized from revaluation and sold units amounted to Baht 46.3 million. - The Fund had total revenue of Baht 26.02 million, compared with Baht 30.34 million in 2019, or a decrease of 14.25% due to a slightly increase in occupancy rate. - The Fund's expenses was Baht 15.87 million compared with Baht 22.12 million in the same period last year, or a decrease of 28.25% 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. Kindly be informed accordingly. Yours faithfully, (Ms. Natree Panassutrakorn) Executive Vice President REIT, Property and Infrastructure Fund Department 02-649-2000 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.