News Detail

                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2021
Quarter                                  : Quarter 2
Ending                                   : 30-Jun-2021
Note                                     :


August 9, 2021
To    The President
    The Stock Exchange of Thailand
Ref: MFC PT. 53/2020 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 2021 over 20%
 from  the same period last year as follows;
For the three-month period ended 30 June 2021, the Fund has net decrease in net 
assets from operations of Baht 0.22 million and Baht 2.22 million, net loss
decreasing 89.96% from the same period of last year. This is mainly a result of
no variable rental according to hotel performance during 1 April 2021 to 30 June
2021. In addition, in the same period on last year, 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, Besides, an exemption of management fee for the operations
of three-month period ended 30 June 2021.
For six-month period ended 30 June 2021, the Fund has net decrease in net assets
from operations of Baht 0.46 million, a decrease of Baht 1.75 million or
equivalent to 136.17% compared to year 2020  which was amounted to Baht 1.28
million. The main reason was due to stop recognize rental income and reversed
rental income as stated above since February 2020 and an exemption of management
 fee for the operations of six-month period ended 30 June 2021.

Kindly be informed accordingly.

Yours faithfully,

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