Armstrong Industrial Corporation, the specialist in Noise, Vibration & Heat management for the automotive and electronics industries, says net profit for the three months ended 31 December 2010 (4QFY2010) fell 0.4% to $6.18 million from $6.21 million in 4QFY2009.

Revenue increased 11.7% y-o-y to $56.2 million from $50.4 million.

For the full year FY2010, the group delivered its best set of financial results to its shareholders with revenue increasing 29.8% y-o-y to $225.4 million and net profit rising 77.1% to $24.9 million.

With the Chinese government pulling back their tax incentives for automobiles, the automotive market is expected to cool from the 32.3% y-o-y growth in 2010, says Armstrong.

The Board of Directors is recommending a final dividend of two Singapore cents.

Armstrong Industrial Corporation, one of the leading foam and rubber component manufacturers specialising in noise, vibration and heat management for the car and electronics industries, says it plans to set up two new manufacturing plants in China over the next three years.

Armstrong has also raised the capital from $4.9 million to $6.5 million in its 80% owned Armstrong-Odenwald (Asia), a joint venture with German partner Odenwald-Chemie Gmbh.

This year, the company increased its existing plant size in Changchun, Guangzhou and Wuhan raising its overall plant capacity in China by 45.2%, from 210,809 sq ft in 2009 to 306,039 sq ft.

This enabled the group to match the aggressive business expansion plans of major automotive customers, such FAW-Volkswagen and Guangzhou Honda, says Armstrong.