28 Feb 2020 17:33:00
Management Discussion and Analysis Yearly Ending 31 Dec 2019
Management Discussion and Analysis Company name : HEMARAJ INDUSTRIAL PROPERTY AND LEASEHOLD FUND Year : 2019 Quarter : Yearly Ending : 31-Dec-2019 Note : Ref: MFC PT. 015/2020 February 28, 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 Hemaraj Industrial Property and Leasehold Fund (HPF) ("the Fund"), would like to offer an explanation for the reason of change in the Fund's performance for year 2019 over 20% from the same period last year as follows; For the year 2019, the Fund had net loss from investments of Baht 143.63 million, decreasing from a net gain on investments of Baht 163.97 million in 2018, or a decrease of 187.60% due to the following reasons. During year 2019 the Fund has adjusted the fair value of the properties. As a result, the Fund has recognized an unrealized loss on investment of Baht 314.90 million whereas in 2018 the Fund has recognized an unrealized loss of Baht 15.30 million. During year 2019 the Fund had total revenue of Baht 228.13 million compared with Baht 225.20 million, or an increase of 1.30% from 2018 due to a slightly increase in occupancy rate. Total expenses for year 2019 was Baht 56.87 million, increasing from Baht 45.93 million or an increase of 23.82% due mainly from an increase of property management agreement from 2% in 2018 to 5% in 2019. Kindly be advised accordingly. Yours faithfully, (Ms. Natree Panassutrakorn) Executive Vice President REIT, Property & Infrastructure Funds Department Tel. 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.