News Detail

Date/Time
11 Nov 2019 17:14:00
Headline
Management Discussion and Analysis Quarter 3 Ending 30 Sep 2019
Symbol
M-PAT
Source
M-PAT
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                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2019
Quarter                                  : Quarter 3
Ending                                   : 30-Sep-2019
Note                                     :
Ref: MFC PT. 92/2019

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 MFC 
Patong Heritage Property Fund (M-PAT) ("the Fund"), would like to inform 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 September 2019, the Fund had net loss from investments of
Baht 192.67 million, decreasing from a net gain on investment of Baht 21.01
million in the same period last year, or a decrease of 1,017.01%. The main
reason was due to the followings.

- During quarter 3 ended 30 September 2019, the Fund has revalued the fair value
of property due to the change of new lease agreement according to the appraisal
report date 1 September 2019, as a result, the Fund has recognized an
unrealized loss on properties revaluation of Baht 192.0 million

- During quarter 3 ended 30 September 2019, the Fund had total revenue of Baht 
1.10 million, compared with Baht 22.43 million from the same period last year,
or a decrease of 95.09% because of the ended lease agreement of the Fund on 11
June 2019 and applicable of the 3 months extension lease agreement with the
rental rate according to hotel performance resulted in a decrease in rental
revenue.

- The Fund's expenses was Baht 1.78 million compared with Baht 1.43 million in 
the same period last year, or an increase of 24.42%.

For nine-month period ended 30 September 2019, the Fund had net loss from 
investments of Baht 183.82 million, decreasing from a net gain on investment of
Baht 58.42 million in the same period last year, or a decrease of 414.67%. The
main reason was due to the adjusted fair value as mentioned above.

- The Fund had total revenue of Baht 40.05 million, compared with Baht 65.79 
million from the same period last year, or a decrease of 39.12% resulting from a
decrease in rental revenue due to the ended of lease agreement of the Fund on
11 June 2019 and applicable of  the 3 months extension lease agreement with the
rental rate according to hotel performance

- The Fund's expenses was Baht 4.87 million compared with Baht 4.35 million in 
the same period last year, or  an increase of 11.96%.


Kindly be informed accordingly.

Yours faithfully,


(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
02-649-2189
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