Broadway Industrial sees 1Q net profit slide to $9.1m

Broadway Industrial Group posted a 10.6% decline in net profit to $9.1 million for the financial quarter ended 31 March 2011 (1Q2011) due to lower sales and a tougher operating environment.

Sales declined 8.5% to $138.3 million from $151.1 million in 1Q2010 mainly due to lower sales from its precision components division, comprising both HDD and non-HDD businesses, but partially mitigated by higher sales from its foam plastic division.

Sales from the three businesses were also affected by further appreciation of SGD against the renminbi and US dollar.