JASIF Losses THB1.43 Billion in 1Q23 due to Investment Appraisal Fair Value

Jasmine Broadband Internet Infrastructure Fund (SET: JASIF) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q23 1Q22
Net Profit (Loss)
Million Baht
(1,430) 1,614
Earning Per Share
N.A. N.A.
% Change -188.58

In 1Q23, JASIF reported a net loss of THB1,430 million, compared to a net profit of THB1,614 million in the same period last year, mainly due to losses from changes in the fair value of investments.

JASIF recorded net investment income of THB2,270.00 million, increasing 2.51% YoY and increasing 2.76% QoQ. Losses from changes in fair value of investments was THB3,700 million. (In Mar 2023, the Fund engaged an independent appraiser to appraise the fair value of the investments. The Fund revalued such investments to be new fair value of THB91,100 million, resulting in losses from changes in fair value of investments THB3,700 million from this appraisal).

Total income for 1Q23 was THB2,656 million, increasing 3.26% YoY and increasing 3.11% QoQ, mainly came from rental income from Optical Fiber Cables of THB2,644 million, increasing 3.00% YoY and QoQ. Interest income was THB11 million, increasing 130.60% YoY and increasing 32.47% QoQ. Other income was THB0.23 million, increasing 130.00% YoY.

Total expenses were THB386 million, increasing 7.90% YoY and increasing 5.24% QoQ. Fund management fee and expenses were THB28 million, decreasing 4.25% YoY and decreasing 29.96% QoQ. Operating expenses were THB140 million, increasing 3.81% YoY and increasing 23.86% QoQ (composed of Optical Fiber Cables maintenance expenses THB 106.42mn, right of way expenses THB 31.19mn and insurance expenses THB2.6 million). Finance Costs were THB215 million, increasing 13.46% YoY and increasing 8.45% QoQ. Other expenses were THB1.4 million, decreasing 43.94% YoY and decreasing 89.22% QoQ.

Total assets of JASIF as of 31 Mar 2023 stood at THB95,866 million. The main component was Investment in Optical Fiber Cables (OFCs) of THB91,100 million, Investment in securities at fair value and cash at bank of THB4,750 million and other assets of THB16 million. Total liabilities stood at THB13,989 million. Net Asset Value (NAV) as of 31 Mar 2023 was THB81,876 million, equivalent to THB10.2346 per unit.