CHILE - Chilean board manufacturer Masisa SA reported in 2013 an increase in profits of 11.9%, reaching $ 50.5 million, compared to $ 45.2 million 2012.

In regards to 4Q13 consolidated revenue in amounted to US$354.2 million, which represented a US$13.7 million (+4.0%) increase, mainly due to higher sales in Brazil, Mexico, Argentina, Colombia and export markets.

For the 4Q13 MDP/PB sales were up US$14.1 million (+18.3%), mainly because of an increase in Brazil due to the production recovery at our plant in Montenegro and in Mexico because of the incorporation of Rexcel. PB/MDP sales also increased in Argentina, Ecuador and Colombia. MDF board sales fell US$34.8 million (-22.8%), largely due to the effects of the devaluation of the bolívar in Venezuela and the real in Brazil. Sales were also down in Mexico, Peru and Ecuador due to temporary oversupply of panels. That was partly offset by higher MDF sales in Argentina, Chile, Colombia and the United States. MDF moldings exports rose +5.7%.

The consolidated EBITDA amounted to US$58.9 million in 4Q13, a 1.2% year-on-year decrease. This result reflected an increase in EBITDA in Brazil, Mexico, Argentina and Ecuador and a decrease in Venezuela and Chile. The drop in Venezuela was mainly because of the devaluation of the bolívar, and in Chile due to lower MDP/PB demand and sales of logs. Venezuela accounted for 29.3% of the EBITDA in 4Q13, Argentina for 24.2%, Chile for 22.7%, Brazil, Mexico, and other countries where Masisa has commercial operations accounted for 23.7% of the EBITDA in 4Q13.