(Assist. Prof. Dr. Piboon Limprapat)
Chairman of the Board of Directors
Dear All Shareholders
In 2016, Thailand’s overall economy was still in recession. Government investment in public utilities was unable to be concretely driven and most of the projects were undergoing review and biddings for contractors and etc., causing decisions to purchase machines to be delayed. Furthermore, the company was affected by the fact that crude oil prices in the global market dropped to less than 30 USD per barrel. Consequently, the company’s customers in the oil refinery, petrochemical and other related business delayed investments and rescheduled shut-down maintenance while further reducing the company’s income from rental service provision until the company had losses in performance.
However, the company’s board of directors approved business restructuring in June 2016 in the company’s interests in gaining more from government investments than from machine sales only. The company increased bored pile construction businesses to support several government sector communication and transportation infrastructure construction projects that began to sign construction contracts with expectations that construction will be commenced from the fourth quarter of 2016 onward.
On behalf of the company’s board of directors, We would like to express our great thanks to every shareholders, customers, financial institutes, executives, employees and all related parties for supporting the company’s business. We promise to work closely with our executives in setting strategies to enable the company to overcome problems and obstacles with competitive ability in the market under good governance and internal control principles. We, at the fullest extent of our ability, will develop the company’s business capacity to succeed in achieving goals with sustainable growth for the benefit of all related parties involved.