Sandalwood producer TFS Corporation has reaffirmed its full year earnings guidance after posting a 22.5 per cent increase in half year net profit.
Net profit rose to $67.4 million in the six months to December 31, helped by higher product sales and a jump in fees for plantations sold.
Total revenue, however, was lower, at $150.6 million, from $160.3 million a year earlier.
The company said it had signed new multi-year agreements with buyers in China and India to supply its value-added wood. This ensures that its entire harvest in 2016 and 2017 has been forward sold.
TFS says it is on track to deliver full year cash EBITDA between five and 10 per cent higher than 2015's full year.
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