In a financial statement, the company reported adjusted earnings (EBITDA) of US$387.6m (Q3, 2022: US$553m) from revenues of US$1.59bn (Q3, 2022: US$1.87bn).

Its composite wood panels division saw a 13.5% decrease in sales compared to Q3 and average sales prices dipped by 5.6%. Production of particleboard, OSB and MDF totalled 1,167,000m3 in Q4, compared to 1,465,000m3 in Q3.

During Q4, volumes and prices were affected, especially in MDF, due to an increase in exports volumes from Brazil to the rest of the region. Moreover, due to higher inflation and rates, depreciation of currencies, high stocks and political uncertainty in some countries, demand continued weakening.

The plywood division saw its sales volume decrease by 20% and average prices slightly dip by 1%. Q4 production fell to 119,000m3, down from 143,000m3 in Q3.

As a result of lower demand during this quarter, volumes and prices were generally affected compared to the rest of the year. Demand was lower mainly due to higher rates in America and Oceania, affecting the construction and remodelling sectors.

Arauco’s wood products division, which comprises the panels, plywood and sawn timber segments, recorded adjusted earnings (EBITDA) of US$154.3m during Q4, which translates to a 45.6% or US$129.1m decrease, compared to the previous quarter.