JASIF Lowers Expenses in 1Q by 18%, Recording NP at ฿1.7Bn after FV-Investment Appraisal
JASIF reported a drop of net profit by 15% due to a new appraised fair value of the investments, while being able to lower expenses by 18%.
Jasmine Broadband Internet Infrastructure Fund (JASIF) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
JASIF reported a net profit of 1,777 million baht in 1Q21, decreased 15.30% compared to a net profit of 2,097 million baht in 1Q20.
Total income for 1Q21 was 2,540.15 million baht, decreased 0.21% YoY and decreased 0.06% QoQ, mainly came from rental income from Optical Fiber Cables of 2,535.95 million baht, no change on YoY and QoQ. Interest income was 4.20 million baht, decreased 55.97% YoY and decreased 14.63% QoQ.
Total expenses in 1Q21 were 362.76 million baht, decreased 17.76% YoY and increased 6.76% QoQ. Fund management fee and expenses were 28.21 million baht, decreased 3.75% YoY and decreased 9.90% QoQ. Operating expenses were 131.55 million baht, increased 1.23% YoY and increased 32.70% QoQ (composed of Optical Fiber Cables maintenance expenses 100.33 million baht, right of way expenses 28.78 million baht and insurance expenses 2.44 million baht).
JASIF recorded net investment income of 2,177.39 million baht in 1Q21, increased 3.47% YoY and decreased 1.11% QoQ. Losses from changes in fair value of investments was 400.38 million baht. (In Mar 2021, the Fund engaged an independent appraiser to appraise the fair value of the investments. The Fund revalued such investments to be a new fair value of 100,300.00 million baht, resulting in losses from changes in fair value of investments 400.00 million baht from this appraisement).