CHILE - The Chilean forestry company Masisa published its results as of September 2020 (9M-2020) where it reports that consolidated sales income amounted to USD 474.0 million as of September 2020, which includes the sale of Chilean forests for USD 229.1 millions.

Isolating this effect, sales income in 9M-2020 represented a 21.8% drop compared to the same period of the previous year, mainly explained by the effects of the pandemic. Notwithstanding the foregoing, a significant recovery is observed in 3Q-2020, where revenues reached USD 93.9 million (2Q-2020: USD 73.6 million).

Consolidated EBITDA reached USD 246.9 million, which includes a non-recurring EBITDA from the sale of Chilean forestry assets. Excluding this effect, EBITDA as of 3Q-2020 reached USD 18.9 million, which represents a 20.3% drop compared to the same period of the previous year (USD 23.7 million), mainly due to the effects of the pandemic associated with Covid-19.

The 3Q-2020 shows an important recovery in the Company's permanent businesses, which is reflected in improvements of the division Furniture and Interior Solutions and Moldings Solutions.

It should be noted that income from ordinary activities in 3Q-2020 was 21.2% and 27.9% higher than 1Q-2020 and 2Q-2020, respectively, due to the gradual normalization that came after closings of the main markets in which Masisa participates, recovering adequate sales volumes under a global pandemic scenario.

Masisa successfully concluded the financial restructuring process, which was carried out with funds from the sale of Chilean forestry assets. The Company made the payment of short-term loans, syndicated loans, PAE loans and others.