MEXICO - Proteak, Mexico's largest forestry company, reported results for the second quarter of 2022 (2Q-2022).

Sales of the MDF and Teak businesses reached MXP 467.4 million in the quarter, 4.6% below 2Q-2021, excluding other income and plantation revaluation.

In 2Q-2022, Tecnotabla (MDF) sales volume stood at 45,501 m3, representing declines of 22% vs 2Q-2021 and 16% vs 1Q-2022, with a value-added product share of 22%. MDF sales revenue reached MXP463.2 million, 2% lower than in 2Q-2021 and 18% lower than in 1Q-2022.

In 2Q-2022, Mexican MDF market share remained stable, despite the contraction in the market, reaching 21% in natural MDF and 33% in laminated MDF.

During 2Q-2022, 55,022 m3 of MDF were produced, in line with the previous quarter, and 14% below 2Q-2021, mainly due to a second major maintenance shutdown at the MDF plant.

The combination of the above effects results in a net loss after taxes in 2Q-2022 of MXP 27.3 million.