CHILE (Notifix.) - The Chilean panel manufacturer started fiscal 2013 with solid results. During the first quarter of the year net income amounted to USD 18.1 million, an increase of USD 12.2 million (201.8%) compared to the same quarter of 2012.

Sales for the quarter reached USD 329.8 million, representing an increase of USD 21.6 million (+7.0%) over the same period of 2012. The Company explained this result by a favorable sales performance of MDF, forestry logs, MDF moldings and sawn lumber. Gross profit in the 1T/2013 was USD 81.2 million, an increase of 35.5% over the same period last year. In the first quarter of 2013 the consolidated EBITDA reached USD 61.7 million, representing an increase of 37.3%.

The first quarter of 2013 includes the operation of the newly acquired Rexcel of Mexico. Another notable event for the period is the entry into operation on February 4 of the MDF plant in Montenegro, Brazil. This plant was on halt due to a fire that occurred in late September 2012. Another highlight of the quarter was the approval of a capital increase of USD 100 million, sustained by the emission of one billion new shares that is expected to be finalize by a preferential offering during the month of June. This capital increase will partly finance Masisa’s USD 600 million investment plan for 2013-2015.