TFS Corp profit skyrockets by 1,598%

Nedlands-based sandalwood producer TFS Corporation has posted a massive 1,598 per cent surge in half-year profit to $55 million.

The record result was on the back of growing demand for its pharmaceutical-grade sandalwood oil, which helped drive revenue by 191.5 per cent to $160.3 million.

“This was a great half for TFS and we are encouraged by ongoing demand for new plantations from existing and new institutions,” chief executive Frank Wilson said.

“We have already agreed new investments from two of our existing investors, which we expect to settle in Q4 FY15 when the plantations are established.

TFS shares were 7.3 per cent higher at $1.84 per share at 12:30pm.