MEXICO - Proteak, Mexico's largest forestry company, reported its 3Q-2023 results.

Sales for the MDF and Teak businesses reached MXN336 million in the quarter, 24% lower than the same quarter of the previous year and 10% lower than the immediately preceding quarter, excluding other income and plantation revaluation.

During 3Q-2023, Tecnotabla (MDF) sales volume was 49,227m3 , +7% vs. 3Q-2022, with a value-added product share of 20%. MDF sales revenue reached MXN 333.9 million, -24.1% vs 3Q-2022, mainly due to lower prices.

Over the course of 3Q-2023, sales in the export market (USA) accounted for 3% of the total. The MDF market shows a growth of +3.3%, during 2023.

Imports recover pre-pandemic levels, reflecting growth in natural MDF from Brazil and Chile by 9% and 4%, respectively en comparación con igual period de 2022.

The combination of the above effects results in a net loss after taxes for the quarter of MXN 138.2 million, resulting in a net margin of -41.2%.