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.