The year 2022 witnessed the recovery from the COVID-19 pandemic and the return to normalcy as many countries reopened and moved towards the COVID-19 endemic.  The overall economic factors began to recover both domestically and globally.  Nevertheless, consumers and businesses still need to adjust and cope with economic volatility such as inflation and higher cost of living, resulting from higher energy prices and transportation costs. 

The Air Conditioning and Refrigeration Industry have not yet recovered from the rising prices of raw materials worldwide, especially steel and copper.  The Russia–Ukraine war has augmented an energy crisis that directly affects the costs of heating, cooling, lighting and mobility, and indirectly pushed up the costs of other goods and services throughout global    supply chains.  The Company survives at its best to gradually raise our prices to correctly reflect the increasing cost of production.

The current state of the global economy and the rising material cost mentioned earlier have been challenging for the Company.  The Company responded to the challenge by adapting our business strategies and models in accordance with changing markets.  We incessantly improve and develop our Bristol products to meet our customers’ demands.  In addition, we continue to refine our production facilities with cutting-edge technologies to decrease production costs and increase the quantity of our production.  This is all made possible by the cooperation of our employees, stakeholders, and the support from our customers.

On behalf of the Board of Directors and the Management, I would like to thank our shareholders, business partners, customers, financial institutes, and all stakeholders for their continued trust and support.  I would like to personally extend my gratitude to our executives and employees for their effort and dedication so that we are thriving through this challenging time together.  I firmly believe that our Company will continue to grow in the best interest of shareholders and stakeholders in order to attain sustainable growth and performance in the future.

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