JASIF Reports a Robust 3Q Earnings by 48%, Book ฿2.46Bn as OFC Income Soars
JASIF Reports a Robust 3Q Earnings by 48%, Book ฿2.46Bn as OFC Income Soars.
Jasmine Broadband Internet Infrastructure Fund (JASIF) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;
JASIF reported a net profit of 2,469 million baht for the quarter, increased 47.81% when compared to the same period of last year.The increase was mainly due to its higher income from Optical Fiber Cables.
Total income for 3Q20 was THB 2,540.91 million, increased 71.54% YoY and decreased 0.10% QoQ, mainly came from higher rental income from Optical Fiber Cables (OFC) of THB 2,535.94 million, increased 72.61% YoY as QoQ was flat.
JASIF recorded net investment income of THB 2,169.95 million in Q3/20, increasing 58.29% YoY and increasing 2.16% QoQ. Net unrealised gain from investment was THB 299.96 million. (In Sep 2020, the Fund engaged an independent appraiser to appraise the fair value of the investments in the Initial Assets.
The Fund revalued such investments to be new fair value of THB 62,300.00 million, resulting in the net unrealised gain from investments THB 300.00 million and using the purchase price as at investment date with the amount of THB 38,000.00 million for Additional Assets). Increase in net assets from operations was THB 2,469.91 million, increasing 47.81% YoY and increasing 27.94% QoQ.
Currently, OFCs transferred to JASIF were a totally 1,680,500 core kilometers. The assets consist of initial assets with the amount of 980,500 core kilometers and additional assets amount of 700,000 core kilometers.
In 2020 rental rate for the Amended and Restated Main Lease Agreement is THB 436.29 per core kilometer per month and rental rate for the Amended and Restated Rental Assurance Agreement is THB 769.91 per core kilometer per month. (The change in the Thailand CPI in 2019 announced by the Ministry of Commerce was 0.71%, therefore the rental rate in 2020 will be increased in line with the change in Thailand CPI.)
OFCs maintenance fee for the period of 2020 is THB 231.85 per core kilometer per year.