TFS Corporation enjoys bumper 2005
Listed agribusiness outfit TFS Corporation is expecting to maintain sales of its managed investment scheme (MIS) woodlots in the current financial year, chief executive officer Tom Cullity said.
Speaking at the company’s annual general meeting yesterday, Cullity said in the 2005 financial year TFS sold 251 hectares of woodlots against projected sales of 125 hectares.
“Although we are not forecasting an increase in MIS sales, the increase in the price of our 2005 woodlots brings us to expect to at least maintain our after tax profit in 2006,” he said.
The company has reported an after-tax-profit of $9.62 million for the 2005 financial year. This compares to a $2.397 million profit in the previous financial year.
Cullity however issued a warning that the company would not aim to achieve high MIS sales this year due to the constraints of propagating more Indian Sandalwood plants in TFS’ Ord River Irrigation landbank at Kununurra.
“Our planting and propagation regime has more than doubled in the past year and any significant growth in plantings in the short-term would be unwise,” he told Money Management.
“We consider the prudent route is to consolidate the nursery and plantation infrastructure to build on the excellent previous year.”
TFS is developing a five to 10 year business plan to map out the company’s strategies through to the first year of harvesting the sandalwood trees.
The listed company has paid a fully franked 2-cent dividend for the year.
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