The consolidated EBITDA amounted to $61.7 million in 1Q 2013, which was a 37.3% increase. That was driven by the industrial business unit EBITDA climbing $10 million (+29.9%), because of higher EBITDA across most operations in Latin America, mainly in Venezuela, Chile, Peru, Brazil and Colombia. The forestry business unit
EBITDA rose $5.7 million (+48.8%), largely due to higher sales in Chile. Venezuela and Argentina accounted for 54.2% of the consolidated EBITDA in 1Q 2013, and Chile, Brazil, Mexico and other countries in which Masisa has commercial operations accounted for 45.8%.
Gross revenue was $81.2 million, a 35.5% year-on-year increase, because of higher sales in the region and costs remaining stable on average. The gross revenue to sales ratio rose from 19.5% to 24.6%.
Net income after minority interest was $18.1 million in the quarter, which was 201.8% up on the $6 million obtained in 1Q 2012. Such increase was firstly due to the mentioned higher gross revenue from higher sales and margins; and secondly to lower ‘Other operating expenses’ of $9 million as in 1Q 2012 there were non-recurring expenses for the closure of various production lines at Valdivia in Chile.
Masisa's core business is the manufacturing and commercialization of particle and fiber wood boards.
