Broadway Industrial Group says it posted a 121.4% y-o-y increase in profit after tax and minority interest (PATMI) for the first quarter of 2010 (1Q2010) to $11.9 million from $5.4 million in 1Q2009. This was backed by 11.2% y-o-y growth in revenue to $151.1 million in 1Q2010 from $135.9 million in 1Q2009.

The manufacturer of precision components and provider of foam plastic products for the electronics, car and oil & gas industries attributes the strong performance to the continued growth of its precision components business, boosted by a strong increase in hard disk drive actuator arm shipment volumes and a return to profitability of its non-hard disk drive segment with the recovery in capital equipment spending in the semiconductor industry.

Earnings before interest, tax, depreciation and amortisdation (EBITDA) rose 22.5% y-o-y to $21.9 million in 1Q20109 from $17.9 million in 1Q2009, with EBITDA margin rising to 14.5% from 13.1% over the same comparative period.

The group generated cash from operations of $10.7 million in 1Q2010 compared to $8.3 million in 1Q2009. It ended the quarter with cash and cash equivalents of $30.6 million compared to $29.2 million in 1Q2009. Its balance sheet continues to strengthen with net gearing down to 24.8% as at 31 March 2010 from 54.4% as at 31 March 2009.