TFS Corp upgrades Mt Romance guidance

Agribusiness TFS Corporation has upgraded its full-year guidance for its Mount Romance Australia subsidiary.

The Perth-based company today said that strong interest out of India and a modest recovery in Europe had prompted it to revise MRA's results for the 2010 financial year.

TFS had originally projected MRA's results to increase by 10 per cent on the previous year's $3.57 million earnings before interest, tax, depreciation and amortisation, however today upgraded it to 20 per cent.

"Based on these expectations, TFS will have no net debt as at June 30, 2010 and is well placed to achieve double digit full year earnings growth and take advantage of opportunities as they arise," TFS said in a statement.

TFS booked a net profit after tax of $34.8 million for the 2009 financial year.

Shares in TFS today climbed one cent to 87.5c at 10:22 AEST.