Armstrong reported its Q1-2011 results recently.  Its results were similar to Innotek in that revenue was flattish but profits declined sharply.  Key highlights of the results are summarised below:

a) Revenue for Q1-2011 rose 1.1% to S$56mn

b) net profit fell 44% to S$4.0mn

c) EPS 0.8 cents

d) NAV is S$0.206

e) gross cash was S$28mn with net cash of S$16.5mn

In its forward looking statement item 10: "The Group expects the FY2011 results to be lower than the FY2010 results. However, the positive market factors mentioned above and the resilience of the Group are expected to benefit the Group in the longer term."

The main factors behind the weaker Q1-2011 numbers were softness ...