21 Feb 2022 17:13:00
Management Discussion and Analysis Yearly Ending 31 Dec 2021
Management Discussion and Analysis Company name : MFC PATONG HERITAGE PROPERTY FUND Year : 2021 Quarter : Yearly Ending : 31-Dec-2021 Note : 21 February, 2022 To The President The Stock Exchange of Thailand Ref: MFC PT. 004/2022 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 offer an explanation for the change of the Fund's performance for year ended 31 December 2021 over 20% from the same period of last year as follows; For year 2021, the Fund has net decrease in net assets from operations of Baht 85.10 million, a less decrease of Baht 139.99 million or equivalent to 62.19% compared to year 2020 which was amounted to Baht 225.09 million. This is mainly results of a decrease in rental income from impact of continuous spread of Covid-19 in year 2021 and an asset revaluation due to the new lease agreement dated September 1, 2021 which the Fund has recorded loss on change in fair value of investment in properties amounting to Baht 84 million compared to the previous year in which amounting to Baht 227 million. In addition to that, the Management Company would like to inform that although there is still an outbreak of Covid-19, Patong Heritage Hotel has re-opened to normal operation since June 1, 2020 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.