News Detail

                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.