Bangkok--9 May--KTAM
Tesco Lotus Retail Growth Freehold and Leasehold Property Fund (TLGF) released better-than-expected fourth quarter and annual operating results for 2012/13 with Total Investment Income of 1.79 billion baht and Net Profit of 1.243 billion baht. The Fund will pay a fourth quarter dividend of 0.1801 baht per investment unit on 20 May 2013 as well as returning cash from capital reduction of 0.0209 baht per unit on 21 May 2013, bringing total earnings for the year to 0.69 baht per unit.
Somchai Boonnamsiri, CEO of Krung Thai Asset Management PCL (KTAM), TLGF fund manager, said, “I am delighted that TLGF, the largest property fund in Thailand, has reached its first anniversary with strong support over the year from both institutional and retail investors, in Thailand and abroad. The year’s results are very positive, with total revenue and profit exceeding expectation at the time of the IPO, thus enabling payment of satisfactory returns to unitholders.”
Tesco Lotus Property Director Sompong Rungnirattisai said, “The positive financial performance is a result of the very high occupancy rate in Tesco Lotus shopping malls listed in TLGF, at almost 100%. With over 18 years of experience managing retail space in Thailand, Tesco Lotus has managed the shopping malls effectively and earned more rental income for the Fund. The property management team has also managed costs to be below budget, while continuous sales promotions have generated significant footfall in the Tesco Lotus malls.”
Tesco Lotus Retail Growth Freehold and Leasehold Property Fund invested in 22 Tesco Lotus hypermarket-anchored shopping malls in prime locations across Thailand, including Bangkok, major cities in upcountry, and tourist destinations. Currently, TLGF is the largest property fund in Thailand with a market capitalization of over 35 billion baht.
“The first year’s result has proven that TLGF invests in high quality assets run by a professional team at Tesco Lotus. We are confident TLGF remains a good investment option, offering secure and stable returns.” Somchai concluded.