MEXICO – Proteak, Mexico’s largest forestry company, reported its results for the third quarter of 2024 (3Q-2024).

Sales of the MDF and Teak businesses reached MXN 291.5 million in the quarter, 1% higher than the immediately preceding quarter, excluding other income and plantation revaluation.

During 3Q-2024, Tecnotabla (MDF) sales volume was 48,672 m3 , 11% above 2Q-2024, with the value-added product representing 17% of sales. MDF sales revenue reached MXN 287.9 million, 2% higher than in 2Q-2024, mainly due to the change in the mix, higher sales of Natural MDF.

In 3Q-2024, imports continued to show a significant increase in the MDF market, with China being the main supplier country (45%), followed by Brazil (38%).

Proteak’s market share of natural MDF stood at 19% and the value-added share decreased to 22%, due to the increase in the volume of imported product, which means a greater supply in the Mexican market and a decrease in the share of domestic producers.

The combination of the above effects resulted in a consolidated net loss after taxes for the quarter of MXN 294.8 million (USD 14.7 million).