Mainboard-listed Broadway Industrial Group, the manufacturer of precision-machined components and foam plastic solutions producer, announced PATMI rose 44.8% y-o-y to $12.5 million in the quarter ended 30 September 2010 (3Q2010) from $8.7 million a year ago.

Broadway posted a 5.7% y-o-y increase in sales to $144.7 million in 3Q2010 from $136.9 million in 3Q2009. The growth was mainly attributed to strong improvement from the foam plastic and Non-HDD segments, which posted y-o-y increase in sales of 36.9% and 46.6%, respectively. HDD sales were down 3.7% y-o-y due to the negative impact of foreign currency translation as a result of weaker US Dollars against Singapore Dollars in 3Q2010. Measured in US dollars, HDD sales would have been 2.5% y-o-y higher on higher shipments of HDD actuator arms and related parts.

Gross profit rose 10.7% y-o-y to $20.7 million in 3Q2010 from $18.7 million in 3Q2009 as gross margins improved to 14.3% from 13.7%, respectively. Operating profit rose 20.2% yoy to $13.9 million from $11.5 million in line with increased sales and mainly unrealised foreign exchange gain of $3.2 million in 3Q2010 versus a realised gain of $1.8 million in 3Q2009.

The group’s balance sheet remains healthy. It generated cash from operations of $12.3 million in 3Q2010, ending the quarter with cash and cash equivalent of $25.1 million. Net gearing improved to 19.0% as at end September 2010 from 38.0% as at end September 2009.