Mainboard-listed Broadway Industrial Group, the manufacturer of precision-machined components and moulded foam plastic products, announced today a 34.9% y-o-y rise in PATMI (Profit After Tax and Minority Interests) to $10.3 million for the quarter ended 30 June 2010 (2Q2010) from $7.7 million a year ago.

Broadway says the group’s PATMI included a non-operational and unrealised mark-to-market forex charge of $2.9 million in 2Q2010 compared to $0.3 million in 2Q2009. Adjusted for these charges, Broadway would have recorded PATMI of $13.2 million in 2Q2010, representing a 65.0% y-o-y increase from $8.0 million in 2Q2009.

2Q2010 sales improved slightly to $141.7 million from $139.4 million in 2Q2009 mainly due to higher sales from the non-harddisk drive (HDD) and foam plastics segments.

Broadway’s non-HDD segment continued to build on its growth momentum with sales rising to $13.7 million from $4.4 million in 2Q2009. The growth was underpinned by further market penetration and stronger orders from new and existing customers in the semiconductor and automotive industries. The foam plastics segment also maintained steady growth with a 23.2% y-o-y increase in sales to $29.9 million from $24.2 million in 2Q2009.

Broadway has recommended a higher interim dividend of $0.02 per share, compared to $0.01 per share in 1H2009.

The group is optimistic that it will achieve a stronger FY2010 compared to FY2009.