CHILE - Compared to the same period of the previous year, consolidated sales revenue for the third quarter of 2016 reached US$263,8 million, which represents an increase of US$13.1 million (+5.2%), and gross profit reached US$56.5 million, an 8.2% increase.

Consolidated EBITDA reached US$37.1 million, a decrease of 9.2%, when compared to 3Q15, mainly explained by lower EBITDA in Brazil, due to non-recurrent forestry sales in 2015, and lower EBITDA in Argentina, due to the economic adjustment process, which was partially offset by higher EBITDA in Mexico, Chile and Venezuela. Recurring EBITDA rose US$1.4 million, +4.0%.  On the financial front, the nonstrategic assets sales plan reached US$120.8 million by September 30, 2016, and the company anticipates that they will surpass US$130 million.

Proceeds from these sales have been used to pay the financial debt, such as the repurchase of US$100 million in international bonds in February 2016, thereby reducing financial expenses, improving the company's debt maturity profile and reducing its 2019 refinancing needs.  On November 23, 2016, Grupo Nueva, Masisa's majority shareholder, communicated to the Board of Directors of the Company its intention to launch a formal and open search for a strategic partner to financially strengthen company and take advantage of opportunities through a capital increase, while remaining in control of Masisa. Due to the above, the majority shareholder hired a consortium made up of a Colombian investment bank, Inverlink, and UBS Investment Bank.

Roberto Salas, Chairman of Masisa, highlighted the achievements of the period: “The third quarter marked a turning point, registering a higher recurring EBITDA than the previous quarters. The quarter was also marked by an upswing in Brazil, signs of improvement in Argentina and a strong outcome from our investments in Mexico.”

Masisa Results July - September

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