CHILE- The first quarter of 2015 was marked by a recovery in results based on improved operating margins and improved sales in Venezuela and the USA.

Efforts to reduce costs and expenses also offset the unfavorable impact of the depreciation of Latin American currencies.

During the first quarter consolidated revenues reached USD 353.3 million, an increase of USD 44.9 million (+ 14.6%), while sales volumes decreased slightly (-0.7%). The increase in sales revenue is due primarily to higher sales in Venezuela and the United States. Consolidated EBITDA amounted to USD 54.8 million during the first quarter, an increase of USD 18.0 million, or 48.8%. This increase is mainly due to an increase of USD 15.9 million in EBITDA in Venezuela, due to a better mix of value-added sales, an increase coated boards, and a low base of comparison in the first quarter of 2014. Roberto Salas, President of Masisa, commented that “this recovery is explained in large part because the company has begun to capture the results of the initiatives to achieve greater cost and expenditure savings, which undoubtedly has allowed us to increase our results, even in the context of the current slowdown. Along with this, it is important to note that the strategy of offering a mix of products with higher added value to our customers, has also enabled an improvement in our financial situation in the first quarter.”

Masisa Results January -March 1Q

Million USD

Masisa Sales by Product 1Q

January –March. Thousand m3