MÉXICO - Proteak, Mexico's leading forestry company, reported a 13.7% decrease in sales for the first quarter of 2024, with revenue from its MDF and Teak businesses totaling MXN 352 million.

This marks a significant drop from the MXN 404.4 million reported in the same period last year.

During the quarter, Tecnotabla's (MDF) sales volume slightly increased by 1.1% to 53,826m3, with 20% of its products classified as value-added. However, MDF sales revenue fell by 14.3% year-over-year to MXN 347 million. Exports, particularly to the U.S., contributed just 2% to total sales.

The first quarter also saw a rise in MDF imports, notably from China and Brazil. Despite these challenges, the market share for natural MDF improved by 2%, stabilizing at 23%, while the share of value-added products remained over 30%.

These dynamics contributed to a net loss after taxes of MXN 61.7 million for the quarter.