SINGAPORE (May 2): Broadway Industrial Group, the manufacturer of actuator arms for hard disk drives, saw 2Q earnings more than trebled to $588,000 from $160,000 a year ago on higher sales and lower expenses.
Revenue rose 2.2% to $91.4 million from $89.4 million mainly due to higher demand from customers. Distribution expenses decreased by 22.3% to $0.8 million while administration, sales and marketing expenses decreased to $3.3 million from $4.1 million a year ago.
Broadway says the outlook of a 5% total addressable market reduction in demand for HDD for all of 2018 remains unchanged.
Looking ahead, the group will seek to improve gross profit margin by boosting productivity while exploring new business opportunities.
Shares in Broadway closed 1.1 cents lower at 10 cents on Wednesday.
