TFS Corporation faces $7.2M net loss in 1Q17

Company News

by David Chau

Sandalwood supplier, TFS Corporation (ASX:TFC), has released its first-quarter results for the current financial year, which revealed a net loss of $7.2 million.  This is a major drop compared to its $57.1 million NPAT in 1Q16.

The company says its net loss was due to a stronger Australian dollar resulting in unrealised foreign exchange losses of $11.4 million, and a one-off refinancing cost of $10.6 million associated with debt refinancing.

However, TFS reported a healthy cash balance of $107 million at 30 September 2016. The company also says it completed its third annual harvest, which yielded 310 tonnes of wood, in line with expectations.

TFS posted a net profit of $90.1 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.