Spanish wood processing company Tableros de Fibras (Tafisa) posted a net loss of 28 mln euro ($31.94 mln) for the first three months of 2003, up from a net loss of 17.4 mln euro ($19.85 mln), posted for the same period of 2002, the company said on May 16, 2003. The turnover of the company stood at 321 mln euro ($366.16 mln), up 0.1 pct. The company attributed the worse results to the unfavourable global economic situation, to lower prices and to the negative effects of the war in Iraq. The company posted an increase in turnover in France, Canada, Brazil and in the Republic of South Africa. The turnover increase in Canada and Brazil managed to offset the negative effect of the local currencies depreciation, Tafisa added. The wood processing market in Spain was affected by the increased supply, which resulted in low prices, Tafisa said. [Editor's note: The Spanish company posted a net loss of 96.9 mln euro ($110.53 mln) for 2002, up 23.1 pct year-on-year, the Portuguese News Digest reported on March 13, 2003. Tafisa is 91.23 pct owned by Portuguese wood processing group Sonae Industria. Sonae Industria is owned by Portuguese conglomerate Sonae SGPS.]