14 Aug 2020 12:35:00
Management Discussion and Analysis Quarter 2 Ending 30 Jun 2020
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 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.