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Broadway Industrial Q1 profit up more than 3.5 times

PRECISION components and form plastics producer Broadway Industrial Group on Wednesday evening posted a Q1 profit increase of more than 3.5 times from S$0.16 million in the year ago period to S$0.59 million.

Earnings per share jumped to 0.13 Singapore cent from 0.03 Singapore cent in the previous year.

For the three months ended March 31, revenue increased 2.2 per cent from S$89.5 million in the preceding year to S$91.4 million.

The rise in revenue was due mainly to higher demand from customers, the company said in a filing with the Singapore Exchange on Wednesday evening.

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Net asset value (NAV) per share slipped to 17.74 Singapore cents as at March 31, from 17.85 Singapore cents three months ago.

The NAV per share decreased mainly due to the depreciation of the US dollar versus the Singapore dollar, which resulted in a translation loss of US dollar denominated assets, the company added.

Broadway Industrial Group shares ended S$0.012 or 10.4 per cent lower at S$0.103 on Wednesday.