CHILE - Chilean wood panel manufacturer Masisa reported its financial results for first quarter of 2020 (1Q-2020) where consolidated sales revenue reached USD 77.5 million, a sharp drop of 34 percent against sales of 1Q-2019.

This decrease in sales, corresponding to USD 39.9 million, is mainly due to the divestment of assets in Mexico in 1Q-2019.

In 1Q-2020, consolidated EBITDA reached USD 2.2 million, representing a decrease of 77.6 percent or USD 7.6 million compared to 1Q-2019. In 1Q-2020 the net result was a loss of USD 14.0 million.

To date Masisa has undertaken the sale of its industrial businesses in Argentina, Brazil and part of the business located in Mexico, which materialized on January 30, 2019. The industrial complex that remains in Mexico is located in Chihuahua and consists of a line of PB panels with an installed capacity of 180,000 cubic meters per year, two lines of melamine coatings with a total installed capacity of 50,000 cubic meters per year, which allows to continue serving the markets of Mexico and the United States .

As of December 31, 2019, Masisa operated 3 panel industrial complexes distributed in Chile and Mexico, with an installed capacity of 1,052,000 cubic meters per year for the manufacture of panels, in addition to 538,000 cubic meters per year of lamination capacity with melamine papers and foils, and a remanufacturing capacity of 218,000 cubic meters for the production of MDF moldings. It also has a total annual production capacity of 212,000 cubic meters of sawn wood.

During the first quarter and dated March 20, 2020, the company signed a USD 350 million sales contract with Forestal Trugualemu SpA for forest assets in Chile. This operation is part of the decision announced by Masisa on April 5, 2019 where the company initiated a process of selling forest assets in Chile and Argentina.