CHILE - Masisa, one of the largest board manufacturers in South America, reported profits of USD 52.3 million in 2015. This represents an increase of USD 41.1 million compared to 2014 result (USD 11.3 million).
According to the company, these results are due mainly to better performance in Chile and the Andean region, Argentina, Venezuela and Mexico, which offset the fall in USD 11.3 million result of Brazil.
Regarding sales revenues, these reached USD 1.052 million in 2015, equivalent to a drop of 31.9%, attributed to the application of the exchange rate used in Venezuela, Simadi (Marginal Foreign Exchange System) in the company’s operations of in that country. This situation caused a drop of 60% in gross margin. The company added that during 2015 it posted lower sales volumes in Venezuela (down 12.9%) as a result of unscheduled plant shutdowns.
Meanwhile, EBITDA of the company in Brazil fell 43% to USD 15.8 million. Mainly due to the devaluation of 38% in the exchange rate, coupled with a drop of 10.6% in sales volumes as a result of the economic recession in that country.
Masisa Results
Million USD
Source: Quarterly Report
Masisa Results October – December 4Q
Million USD
Source: Quarterly Report
