Masisa SA (MASISA), the Chilean wood panels producer, rose the most in three weeks after reporting yesterday a 400 percent increase in second-quarter profit.
Masisa rose 5.8 percent to 55 pesos at 12:22 p.m. New York time, the largest increase on an intraday basis since Aug. 10, and its second day of gains. Masisa, which has operations in Brazil, Mexico, Argentina, Chile and other Latin American countries, also led gains among members of the IPSA index, which rose 0.8 percent to 4,249.62.
Masisa reported profit in the second quarter reached $11.3 million, up from $2.2 million a year earlier, according to a filing posted yesterday after the close of the market on the website of Chile’s securities regulator.
The improvement was due to higher sales of wood panels in the countries where it operates, Masisa said in an accompanying statement. This year’s figures also benefited from a low base of comparison, as second-quarter 2010 results were affected by an earthquake in Chile and forest fires in Chile and Venezuela, the company said.
“The results were good, the company showed improvements in margins and the market is reacting to that,” Juan Carlos Delgado, an analyst at Santiago-based brokerage firm Larrain Vial SA, said today in a phone interview.
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