Broadway feels pain

By DITA DE BONI

A healthy half-year profit for industrial holding company Broadway Industries has lost some of its bounce at the full year due to losses from discontinued businesses.

The company said yesterday that net profit for the year of $148,000 was a huge improvement over last year's $8.1 million loss.

Profits on continuing business came to $462,000 to June 30 but the final result was hurt by discontinued business losses of $314,000.

The closure of Protech Products and Mercer Stainless Food Services was announced last year.

Revenue from the refined group of businesses dropped 36 per cent to $35.9 million.

No dividend will be paid for the year.