This past year, 2017, the World economy improved slightly. At the same time, the Thai economy has shown moderate improvement with GDP growth of 3.9% from 3.2% in year 2016. However, the company has been faced with many problems due to the increase in price of major materials such as copper and steel. Also the company was impacted by very strong competition from manufacturers of small compressors from China, which impacted the worldwide sales price competition. Another factor was the very strong Baht currency against US Dollars; this impacted our sales revenue despite having a sales quantity increase in our larger compressors.

Although our sales and services income in 2017 was higher than 2016, i.e. 9,263.91 M.Baht against 2016 which was 8,665.89 M.Baht an increase of 6.90%, the company had an operating of net loss of 172.75 M.Baht. The year 2018 is looking to be a very challenging year. The company will work diligently in all avenues to reduce production cost while increasing the efficiency to enable the company to better respond to the customer’s needs. The expectation is to work harder and more efficiently to have better profitability in the year 2018.

The company would like to thanks the directors, stakeholders and all government entities and the financial institutions for their continued support. I would also thank the management and employees who have been working diligently.

In closing, the company will continue to work hard with utmost efficiency in all avenues for better years to come.

Mr. Suraporn Simakulthorn
Chairman