MEXICO - Proteak, Mexico's largest forestry company, reported results for the first quarter of 2022 (1Q-2022).

Sales of the MDF and Teak businesses reached MXN 567.3 million in the quarter, 45.8% above 1Q-2021.

In 1Q-2022 Tecnotabla (MDF), marketed a volume of 54,171 m3, representing an increase of 2% compared to 1Q-2021, and reached a new high in value-added products.  MDF sales revenues reached MXN 562.7 million, 49.2% higher than in 1Q-2021 (MXN 377.2 million).

Current domestic market conditions allowed for additional price increases of 46% versus 1Q-2021 and 5% versus 4Q-2021.

In 1Q-2022, sales in the export market (US) remained at 4% of the total, keeping the channel open and with good customer relations.

In 1Q-2022, a relevant position in the Mexican market was maintained, despite the presence of new players, reaching 23% in raw MDF and 35% in melamine MDF.

During 1Q-2022, total production was 55,137 m3, 12% above the same quarter of the previous year and 2% below 4Q-2021, mainly due to a major maintenance shutdown at the MDF plant.

The combination of the above effects results in a net income (profit) after taxes for the quarter of MXN 201 million.