Page 143 - Annual Report Design 2017

MESSAGE FROM THE CHAIRMAN
The year of 2016 brought several major changes regarding economy and politics in a global level. For example, the intentional slowdown of economic growth of Republic of China to achieve more economic stability, the United Kingdom’s withdrawal from the European Union (Brexit), and result of US presidential election. Along the global instability of economic stream, Thailand could maintain the economic growth basically through government investment and tourism although private sector did not expand its investment. This situation resulted in people’s low spending, which was reflected by low consumer confidence index (CCI). The CCI stood at 39.1 in December 2016 and it recently dropped to 38.5 in March 2017.
In addition, the announcement of Bureau of the Royal Household about the death of King Bhumibol Adulyadej on 13th October 2016 brought Thai people in mourning. The government requested all sectors to refrain from holding celebrating events for a period of 30 days to express condolence and shared the remembrance of his great kindness. Therefore, the REIT manager, Property manager, and organizers cancelled and postponed all kinds of celebration.
Due to the slowdown in individual’s spending caused by economic concern and mourning in the country, the Trust’s performance during the last one year ended at 31st March 2017 declined by 10% in comparison to the previous year. The Trust’s total income amounted to 1,911.8 million baht generating a net profit of 998.7 million baht. Nonetheless, the Trust could maintain gross profit margin of 87% and net profit of 52%. In this year, the Trust made four announcements with a total of distribution per unit amounting to 0.66 baht, or distribution pay out ratio at 99%.
In moving forward, the Trust gave the first priority to the benefits of trust unitholders. The REIT managers gave an assurance to all the unitholders that the team is determined to administer the Trust based on transparency and good governance aiming for the Trust’s stable growth and solid return. The Trust is aimed to function as the legacy, of which value is rising regularly, in pursuance of transmitting the everlasting growth and wealth to the next generations.
Colonel Phichai Namsirikul Chairman
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