News Detail

Date/Time
14 Aug 2020 12:35:00
Headline
Management Discussion and Analysis Quarter 2 Ending 30 Jun 2020
Symbol
M-PAT
Source
M-PAT
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                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2020
Quarter                                  : Quarter 2
Ending                                   : 30-Jun-2020
Note                                     :

August 14, 2020
To    The President
    The Stock Exchange of Thailand
Ref: MFC PT. 67/2020 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 clarify the
change of net Fund's performance for the 2nd quarter ended 30 June 2019 over 20%
 from  the same period last year as follows;
For the three-month period ended 30 June 2020, the Fund had net loss from 
investments of Baht 2.22 million and Baht 11.40 million, net loss decreasing
80.52%  from in the same period last year. The main reason was due to the Fund
has assessed lessees' feasibility and affordability in accordance with the
Financial Reporting Standard No. 15 on revenue recognition, which the Fund has
considered to stop recognize rental income during the period in which the lessee
has made a request for exemption due to the impact of the COVID-19 situation
and the temporary hotel closure in accordance with government measures. As a
result the fund reversed rental income and other income recognized in the
statement of comprehensive income for the three-month period ended 31 March 2020
amount Baht 0.98 million, and rental income is not recognized for the
three-month period ended 30 June 2020, resulting in rental income decreasing
from Baht 17.18 million in the same period last year, or a decrease of 105.72%.
For six-month period ended 30 June 2020, the Fund had net loss from investments 
of Baht 1.28 million, decreasing from Baht 8.86 million in the same period last
year, or a decrease of 85.51%. The main reason was due to the ceasing of rental
income recognition as mentioned above.

Kindly be informed accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President
Property and Infrastructure Fund Department
02-649-2000
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