Armstrong Industrial Corporation, the specialist in noise, vibration and heat management for the automotive and electronics industries, says net profit attributable to shareholders grew 13.2% y-o-y to $4.6 million while revenue grew 18.7% y-o-y to $58.0 million for the three months ended 30 September 2010 (3Q2010).

Positive growth rates were registered in 3Q2010 vs 3Q2009 across all countries except Singapore which is largely Data Storage-dependent. In line with earlier forecasts, demand for Data Storage stabilised in 3Q2010 compared to more aggressive growth in 1H2010 vs 1H2009.

The Consumer Electronics sector is the group’s largest revenue contributor and it grew 37.5% y-o-y to $21.7 million. While the margin in Consumer Electronics is not as high as Automotive, Armstrong managed to retain global key customers such as Sony, Sharp and Toshiba.

The Automotive sector continued to perform well, increasing 22.6% y-o-y to $17.3 million. Revenue grew 18.7% y-o-y to $58.0 million in tandem with key OEMs and Tier 1 accounts across the European, American and Japanese brands.

Office Automation posted positive growth of 17.9% despite industry consolidation.

Gross profit increased 12.9% to $15.1 million in 3Q2010 from $13.4 million in 3Q2009. However, gross profit margin decreased 1.3% to 26.1% from 27.4% over the same period.

The reduction in gross profit margin was mainly due to the erosion of selling price from the depreciation of the USD against SGD and the increase in material cost from the appreciation of the JPY against regional currencies.