TFS Corp net $3.1m from sandalwood sales

Managed investment schemes company TFS Corporation Ltd has advised its December sales campaign for its new 2006 Indian Sandalwood project has net the company approximately $3.1 million in revenue.

The 50 available hectares were all sold to growers and the company expects the sales revenue to be reflected in its half-yearly results which will be released by the end of February.

TFS chief executive officer Tom Cullity said the levels of demand for sandalwood lots seen in December augured well for future sales to the 30th June 2006.

Mr Cullity went on to say TFS is expecting to sell at least a further 200 hectares during this period.

TFS also announced today the appointment of Quentin Megson as company secretary following the resignation of Graeme Scott. Mr Megson joined TFS Group in January 2005 as chief financial officer and will continue in that role as well as taking on the responsibilities of company secretary.