SANTIAGO, CHILE – Masisa, a Latin American furniture and interior architecture board production and marketing company, posted fourth quarter 2008 sales of $28.4 million, down 11% compared to the prior year quarter.
The operating margin in U.S. dollars plunged 43.3% from US$69.9 million to US$39.7 million, mainly due to the drop in sales arising from the devaluation of local currencies in most markets that was not fully offset by cost reductions due to the effect of such devaluations. Likewise, the operating margin on sales fell from 26.9% in the fourth quarter of 2007 to 17.1% in the fourth quarter of 2008.
Net income was $15.5 million in the fourth quarter of 2008, which was a 6.7% increase on the same quarter in 2007. This increase is explained by non-operating income increasing 223.9% to $19.2 million.
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