CHILE – Masisa, one of the leading wooden panel manufacturers in the region, reported consolidated sales income of USD 259.1 million for 4Q-2016, down USD 41.5 million (-13.8%) over the same period the previous year. In accordance, gross profit was USD 55.5 million, down 15.5%, and consolidated EBITDA was USD 48.1 million, a drop of 21.8%, against 4Q-2015. 

The adverse scenario in Venezuela, a lower EBITDA in Chile – primarily due to non-recurring forestry sales of previous year and higher SG&A costs – and a lower EBITDA in Argentina, due to the economic adjustment process, explains these results. On the upscale, Mexico and Brazil registered positive numbers. Recurring EBITDA for the quarter dropped USD 11.6 million (-25.1%) mainly due to Venezuela, Argentina and lower forestry EBITDA.

Profits attributable to the owners of the parent company totaled USD 7.9 million, which represents a drop of USD 26.5 million over the same period of the previous year. This was mainly caused by the effects of the recession and currency devaluation in Venezuela, by lower income in Chile due to costs from productive lines shutdown and restructuring expenses for plant staff for future operational efficiencies, by asset impairment in Brazil resulting from its lower level of use, and by the economic adjustment process in Argentina resulting from the short-term impact of government measures.

 

Masisa Results

October – December. Million USD

 

Masisa Results Sales by Quarter

Source: Quarterly Report