11 Nov 2021 12:40:00
Management Discussion and Analysis Quarter 3 Ending 30 Sep 2021
Management Discussion and Analysis Company name : MFC PATONG HERITAGE PROPERTY FUND Year : 2021 Quarter : Quarter 3 Ending : 30-Sep-2021 Note : November 11, 2021 To The President The Stock Exchange of Thailand Ref: MFC PT. 77/2021 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 in net Fund's performance for the 3rd quarter ended 30 September 2021 over 20% from the same period of previous year as follows; For the three-month period ended 30 September 2021, the Fund has net decrease in net assets from operations of Baht 84.44 million, a less decrease of Baht 141.62 million or equivalent to 62.65% compared to the same period of previous year in which amounted to Baht 226.05 million. This is mainly results of asset revaluation due to the change of new lease agreement dated September 1, 2021 which the Fund has recognized an unrealized loss on fair value from asset appraisal of Baht 84 million compared to the same period of previous year in which amounted to Baht 227.01 million. In addition, it is a result from the reverse transaction of management fee due to an exemption of management fee since February 2020. For nine-month period ended 30 September 2021, the Fund has net decrease in net assets from operations of Baht 84.90 million, a less decrease of Baht 139.87 million or equivalent to 62.23% compared to the same period of previous year in which amount to Baht 224.77 million. This is mainly results from changing in fair value from asset revaluation and the reverse transaction of management fee exemption as mentioned above. Reference to the Notification of MFC PT 69/2020 dated April 3,2020 which notified that the invested property of the Fund operating as a hotel named Patong Heritage Hotel has been temporarily closed commencing from April 4, 2020 in accordance with the announcement of Phuket Province no. 1797/2563 regarding the closure of places exposing to the risk of spreading COVID-19, the Management Company would like to inform that Patong Heritage Hotel has re-opened to normal operation since June 1, 2020. Please be informed accordingly. Yours Sincerely, (Ms. Natree Panassutrakorn) Executive Vice President 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.