CHILE - Masisa, a leading manufacturer of value-added wooden panels (MDF and MDP / PB), with plantations and production operations in Chile, Venezuela and Mexico (currently in the process of being sold) and regional distribution, presented the results of the third quarter 2018.

It is important to note that the company presents these results with new functional currency and parity in Venezuela, which reduces inflation and exchange rate distortions.

Taking into account the above, Masisa reported sales of USD 171.4 million in 3Q-2018, which is equivalent to a drop of 35.4% compared to USD 265.5 million in sales reached in the third quarter of 2017. Sales in 3Q-2017 included industrial sales in Argentina and Brazil that reached USD 84.9 million, a period in which the sale of the operations in these countries had not yet been completed.

Consolidated EBITDA in 3Q-2018 reached USD 32.8 million, which represented a decrease of USD 3.8 million (-10.4%) compared to the 3Q-2017. In 3Q-2018, the Company achieved a profit of USD 55 million, equivalent to an increase of USD 120.6 million compared to 3Q-2017, mainly explained by the savings in financial expenses as a result of the reduction of debt made with funds from the disinvestment plan, savings in operational expenses committed to the downsizing plan of the Company and a strong mitigation of accounting distortions generated by hyperinflation in Venezuela and the decision to change the functional currency as of January 1, 2018.

As a result of the divestment process, Masisa's financial debt decreased by USD 43.9 million during 2018 and by USD 175.7 million since January 1st, 2017, which has allowed a decrease in net financial expenses of USD 4.3 million in this quarter compared to the same quarter of the previous year.