Message from Chairman
Dear Shareholders, investors and stakeholders
In the first half of FY2023, the demand for inkjet printers remained strong as teleworking, telecommuting (work from home), and other working styles that minimize human contact to prevent the spread of any new Coronas continued to be promoted. In the second half of FY2023, as the Corona infection was calming down in many countries and working styles were returning to normal, the demand for inkjet printers, which had been strong for the past couple of years, peaked.
In the meantime, the prolonged war between Russia and Ukraine has been disrupting the global economy and having a considerably negative impact on the global order.
This war has led to a hike in prices of not only oil and other energy resources but also in many other items including fertilizers and grains, as a result of which inflation has been accelerating globally. In the United States, an economic slowdown is a concern since the gradual interest rate increase for mitigating inflation has affected the financial and foreign exchange markets.
If we look at the situation in China, the economic activities have been sluggish due to a slowdown of the real estate market. That means the world’s top two economies, i.e., the United States and China, have been in a stagnation direction.
In FY2023, in our Company, the Printer business ended with lower sales compared to the previous fiscal year, this being due to the decreased demand after the end of the Corona pandemic and the stagnating global economy. In the automotive-related business, the Keyless business has been supported by the strong motorcycle segment, but overall, it has also suffered from lower sales due to the economic slowdown in China and the United States.
In terms of profitability, there was a conflict between our Company and the Revenue Department in terms of the treatment of input VAT related to imported goods, and our Company was required to pay 300 million Baht to settle the case, which has significantly squeezed the FY2023 profit.
In FY2024, our Company will launch sustainable business management on a full scale in order to further the good relationship between the global environment and the human society as well as achieve growth. The environment surrounding our Company is changing day to day. Among others, what we need to focus on in providing products and services to our customers is the “environment”. Given the global greenhouse gas emissions issue, businesses are expected to commit to appropriate responses and environment-friendly activities in their continuing business activities. Our Company shall also commit to and work on sustainability in order to tackle these environmental issues.
METCO was established in Thailand in 1987, and 36 years have been passed since then. We have accumulated much experience as a Company, and during that time, we have established many relationships with our shareholders and other related parties, which have brought us to where we are today. We would like to ask for your continued support and kindness towards our business.
October 2023
(Mr. Yoichi Muramoto)
Chairman of Board of Directors
