UNITED ~~STATES~~ ~~SECURITIES AND EXCHANGE COMMISSION~~ STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For ~~Masisa~~ the ~~S.A. (Exact~~month ~~name~~ of ~~registrant~~June ~~as specified in its charter)~~ 2007

Masisa S.A. ~~(Translation of Registrant's name into English)~~

(Exact ~~Av.~~ name ~~Apoquindo~~of ~~3650,~~registrant ~~Piso~~as ~~10,~~specified ~~Las~~in ~~Condes Santiago,~~its ~~Chile~~ charter)

Masisa S.A.

(Translation of Registrant's name into English)

Av. Apoquindo 3650, Piso 10, Las Condes

Santiago, Chile

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover

Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the registrant by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under Securities Exchange Act of 1934.

Yes ~~_______ No ___X____~~ o Nox

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2 (b): 82-~~___~~ _____

~~NEWS~~Item 1.A. ~~RELEASE~~Important Event issued by Masisa S.A. on June 1, 2007:

For further information contact:
Investor Relations	Peter Majeski
(56 2) 350 6038	i-advize Corporate Communications, Inc.
investor.relations@masisa.com	(1-212) 406-3690
Internet: www.masisa.com	masisa@i-advize.com

MASISA S.A.

Publicly-Traded ~~MASISA S.A. REPORTS FINANCIAL RESULTS FOR THE PERIODS ENDED JUNE 30, 2006~~ Corporation

SIGNIFICANT Santiago, Chile, August 14, 2006 – MASISA S.A. (NYSE: MYS) (“Masisa” or “the Company”), a leading company in the Latin American forestry and wood products industries, announced its consolidated financial results for the second quarter ended June 30, 2006. EVENT

Santiago, ~~HIGHLIGHTS~~ May 24, 2007

~~Net sales for the second quarter of 2006 increased by 24~~Mr.~~1% over the same quarter of 2005, to US$218.2 million, driven by higher prices and volumes. Compared to the first quarter of this year, sales increased by 2.7%.~~ Superintendent

Superintendency ~~Gross profit as a percentage~~ of ~~sales~~Securities ~~fell~~and from 26.6% to 22.1%, compared with the same quarter of 2005, basically due to rising costs. Compared with the first quarter of 2006, costs also increased, however, the operating margin remained flat due to the passing on of higher costs to sale prices.Insurance

Dear ~~Administrative and selling expenses in the second quarter of this year were 13.8% of sales~~ Sir, ~~an important improvement compared to the second quarter of 2005 when this figure was 15.6% of sales.~~

Pursuant ~~Operating~~ to ~~income~~what ~~declined~~is bylaid ~~5.8%~~down ~~with~~in ~~respect~~article to9 and the second ~~quarter~~sub-paragraph of ~~2005,~~article to10 of Law ~~US$~~Nº18.1045 ~~million,~~and ~~due~~in toGeneral aRegulation ~~smaller~~Nº30 ~~sales~~of ~~margin,~~the ~~which~~Superintendency ~~was~~of ~~offset~~Securities and byInsurance ~~greater~~(hereinafter ~~cost~~referred ~~efficiencies.~~to ~~Compared~~as to“SVS”), ~~the~~and ~~first~~duly ~~quarter~~empowered ofto ~~2006~~such effect, ~~operating~~I ~~income~~hereby ~~also~~inform ~~fell~~you byas ~~5.8%~~a significant event that the board of directors ~~mainly~~ of ~~due~~Masisa S.A. (hereinafter referred to ~~higher~~as ~~selling~~MASISA) ~~and~~has ~~administrative~~approved ~~expenses.~~the following:

MASISA ~~Net~~ currently ~~income~~owns ~~for~~100% of the ~~second~~Argentine ~~quarter~~company ofForestal ~~2006~~Argentina ~~was~~S.A. (hereinafter ~~US$~~referred ~~4.1~~to ~~million~~as FASA), ~~representing~~in awhich ~~decline~~it ofhas 42a 98.768% ~~compared~~stake through its Chilean affiliate Forestal Tornagaleones S.A. (hereinafter referred to as FTG) and the ~~same~~remaining ~~quarter~~1.32% ofdirectly. ~~2005,~~FASA ~~and~~is ana ~~increase~~forestry company whose assets mainly consist of approximately ~~250%~~38,000 ~~with~~hectares ~~respect~~of topine ~~the~~and ~~first~~eucalyptus ~~quarter~~plantations, and plantable landholdings in the provinces of ~~2006~~Entre Ríos and Corrientes in Argentina.

	Quarter ended
	Jun 30,	Sep 30,	Dec 31,	Mar 31,	Jun 30,
	2005	2005	2005	2006	2006
	(in millions of US$, except per share figures and percentages)
Net Sales	175.9	195.9	194.1	212.6	218.2
Gross Profit	46.8	51.4	44.8	47.3	48.2
% of sales (2)	26.6%	26.2%	23.1%	22.3%	22.1%
S.G.& A.	(27.5)	(29.0)	(33.0)	(28.1)	(30.1)
% of sales (2)	-15.6%	-14.8%	-17.0%	-13.2%	-13.8%
Operating Income	19.3	22.4	11.8	19.3	18.1
Net Income	7.1	6.1	(1.3)	1.2	4.1
Earnings per Share (US$)	0.0014	0.0012	-0.0002	0.0002	0.0007
Earnings per ADS (US$) (1)	0.07	0.06	-0.01	0.01	0.04
Change (3)
Net Income	—	11.4%	-1.0%	9.5%	2.7%
Gross Profit Margin	—	10.0%	-12.9%	5.7%	1.8%
Operating income	—	16.5%	-47.3%	62.9%	-5.8%
Net Income	—	-13.7%	-121.6%	-188.1%	249.8%
Earnings per Share	—	-13.7%	-119.9%	-184.5%	250.0%

Today MASISA signed a binding agreement with (i) the Chilean company Los Boldos S.A. (hereinafter referred to as LBSA), belonging to Diversified International Timber Holdings LLC, a US forestry investment company, and with (ii) the Chilean company GrupoNueva S.A. (hereinafter referred to as NUEVA), belonging to Nueva Holding Inc., the parent company of MASISA; for FTG to sell to LBSA and NUEVA, respectively, 90% (80% to LBSA and 10% to NUEVA) of its shareholding in FASA. Moreover, the aforementioned agreement envisages that MASISA will be the direct owner of the remaining 10% and that the three investors will develop FASA together. The mentioned deal is part of an agreement between the three investors to explore joint investments in forest assets.

The ~~(1):~~ price agreed Anon ~~ADS~~for isFASA ~~equal~~considers toa 50financial ~~common~~value ~~shares.~~of (US$107.2): Asmillion ~~% of Net Income~~ for ~~the quarter.~~ its ~~(3):~~ forestry ~~Compared to the previous quarter~~assets. ~~Due to rounding, numbers may not add up.~~

The ~~Business~~ aforementioned ~~Analysis~~deal –envisages ~~Comparison~~a ~~2Q06~~long-term v.contract ~~1Q06~~for FASA to supply MASISA with wood.

The ~~Sales~~ final closing of this purchase and sale agreement is subject to normal commercial conditions for these kind of deals, to due diligence, and to the authorization from Argentina's National Border Zone Commission.

This ~~Company~~ sale of ~~sales~~90% of FASA will result in ~~the~~a ~~second~~net ~~quarter~~income offor ~~2006~~MASISA ~~amounted~~of toapproximately US$~~218.2~~ 29 million, ~~representing~~without aaccounting ~~2.7%~~for ~~increase~~the ~~over~~effects of the ~~first~~realization ~~quarter~~ of ~~2006~~equity reserves related to FASA that have been recognized to date by MASISA. MASISA will use the proceeds of this deal to pay off financial debt.

By ~~The~~ delivering ~~main~~this ~~factors~~information, inthe board of directors agreed to eliminate the confidential ~~second~~nature ~~quarter’s~~of ~~sales~~the ~~were:~~agreement reached by it on March 28, 2007, and concerning this same issue.

Yours ~~Sales of MDF boards remained at similar levels~~ faithfully, but the effects of prices and volumes moved in opposing directions. The prices of MDF boards increased 5.6% in our principal markets, while MDF board sales volume fell 5.5%, mainly due to weak volumes in Brazil.

Enrique ~~Sales~~ Cibié ofBluth ~~MDF mouldings increased 37.3%, mainly in the U.S., where volume increased 27.7% and prices increased 7.5%.~~

CEO ~~Sales of finger-joint mouldings increased 6.2%, mainly due to a 12.1% rise in prices in the U.S market, which was partially offset by a 5.2% decline in sales volume in the U.S. market.~~

Masisa ~~Sales of OSB boards fell by 23~~ S.~~4% due to the volume reductions of 38~~A.0% ~~in the U.S, which experienced unusually high sales in the first quarter as well as a plant stoppage in Brazil, in June 2006.~~

Item ~~Operating~~ 1.B ~~Income~~Press Release related to the Important Event issued by Masisa S.A. on June 1, 2007:

~~Operating~~For ~~income~~further ininformation, ~~the~~please ~~second~~contact: ~~quarter~~Investor ofRelations ~~2006~~(56 ~~was~~2) ~~US$18.1~~350 ~~million,~~6038 ~~representing a 5~~investor.8%relations@masisa.com ~~decline~~Internet: ~~compared to the first quarter of 2006~~www.masisa.com

PRESS ~~The principal outstanding factors in the second quarter’s operating income were:~~ RELEASE

Masisa ~~Increases~~ S.A. inagrees ~~the~~to ~~production~~sell ~~costs of knot-free boards of approximately 5~~90% ~~because~~ of ~~rises~~Forestal inArgentina ~~chemical and wood prices, which represent 35~~S.2%A. and ~~23.2%, respectively, of the total cost of boards.~~

to ~~Operating~~ create ~~margin~~an ofassociation ~~mouldings~~with ~~improved~~new ~~due to higher prices (7.5% increase for MDF mouldings and 12.1% for finger-joint mouldings).~~shareholders

Price ~~Administrative and selling expenses reached 13.8%~~ of ~~sales, slightly higher than the previous quarter, mainly because of extraordinary expenses during this period~~US$107.2 million

Net income ~~Business~~of ~~Analysis~~US$29 ~~– Comparison 2Q06 v. 2Q05~~ million

Ø ~~Sales~~Masisa has signed a binding agreement to sell 90% of its shareholding in Forestal Argentina S.A. (FASA).

~~Company~~Ø ~~sales~~As ina result of the ~~second~~transaction, ~~quarter~~with ofFASA’s ~~2006~~assets ~~were~~valued 24at US$107.1%2 ~~higher~~million, ~~than~~Masisa inwill ~~the~~book ~~same~~a ~~quarter~~net income of ~~2005.~~approximately US$29 million.

~~The~~Ø ~~main~~FASA ~~factors~~has ~~affecting~~38,000 ~~the~~hectares ~~increase~~of ~~sales~~pine ~~during~~and ~~the~~eucalyptus ~~second~~forests ~~quarter~~and ~~were:~~plantable landholdings.

~~Increased~~Ø ~~sales~~The ofbuyers ~~MDF~~are ~~boards~~the ofChilean 24company Los Boldos S.1%A., ~~due~~belonging to Diversified International Timber Holdings LLC, a ~~6.8%~~US ~~rise~~forestry ininvestment ~~prices~~company (80%) and athe 16Chilean company GrupoNueva S.1%A., ~~increase~~the inmajority ~~volumes~~shareholder of Masisa (10%).

Santiago, ~~Increased~~ May ~~sales~~30, of2007. ~~particle~~- ~~boards~~MASISA ofS.A. 18(NYSE: MYS) (hereinafter referred to as “Masisa” or “the Company”).9 Masisa announced today that it signed a binding agreement for the sale of 90% of its shareholding in Forestal Argentina S.A (hereinafter referred to as FASA) to Los Boldos S.A., ~~due~~a company belonging to Diversified International Timber Holdings LLC, a 12US forestry investment company (80%) and to GrupoNueva S.6A. (hereinafter referred to as NUEVA), the majority shareholder of Masisa (10%). Masisa ~~rise~~will inbe ~~price~~the direct owner of the remaining 10% and athe 5three investors will develop FASA together.6% ~~increase~~The deal is part of an agreement between the three investors to explore joint investments in ~~volumes~~forest assets.

As ~~Increased~~ a result ~~sales~~ of ~~MDF boards of 54.6% in~~ the ~~United States~~transaction, ~~due~~with toFASA’s aassets 62valued at US$107.2% ~~rise~~million, inMasisa will ~~volumes~~book ~~and~~ a ~~4.7%~~net ~~decline~~income inof ~~prices~~approximately inUS$29 ~~that market~~million.

Enrique ~~Sales~~ Cibié, ofMasisa’s ~~OSB~~CEO, ~~boards~~said ~~fell~~"we byare ~~12.8%~~enabling ~~due~~the todevelopment aof ~~35.2%~~new ~~reduction~~investment projects inand ~~volume~~increasing inaccess to the ~~United~~fiber ~~States,~~that ~~partially~~Masisa ~~offset~~will byneed afor 4its future industrial projects.8% ~~price~~It ~~increase~~is ~~over~~essential for us to guarantee and improve the ~~same~~fiber supply ~~quarter~~conditions offor ~~2005~~our current and future board plants."

Julio ~~Sales~~ Moura, ofGrupoNueva's ~~forestry~~and ~~logs~~Masisa's ~~rose~~President, bysaid ~~79.2%,~~"this deal ~~driven~~enables byus ato ~~55.8%~~boost ~~rise~~Masisa’s inindustrial ~~prices~~and forestry growth strategy and ~~15%~~to generate invalue ~~volume,~~for ~~principally~~all inthe ~~Chile~~shareholders."

Characteristics ~~Operating~~ of ~~Income~~the sale

The ~~Operating~~ deal envisages ~~income~~a inlong-term ~~the~~contract ~~second~~for ~~quarter~~FASA ofto ~~2006~~supply ~~was~~Masisa ~~US$18~~with wood.1 ~~million~~FASA has 38,000 ~~5.8%~~hectares ~~lower~~of ~~than~~pine ~~that~~and ofeucalyptus ~~the~~plantations ~~same~~and ~~quarter~~plantable landholdings in the provinces of ~~2005~~Entre Ríos and Corrientes in Argentina.

Moreover, ~~The~~ FASA’s ~~main~~shareholders ~~factors~~have ~~affecting~~committed ~~operating~~themselves ~~income~~to ~~during~~managing FASA’s forest assets pursuant to the ~~second~~Forest ~~quarter~~Stewardship ~~were:~~Council (FSC) standard that guarantees the responsible and sustainable management of the forests and the maintenance of reserves and protected areas. In addition, Masisa will retain the carbon credit rights equivalent to 55,000 tons of carbon dioxide from FASA's forests, which will assist it in meeting its commitment to the Chicago Climate Exchange (CCX) to reduce its carbon emissions by 6% by 2010.

Diversified A International ~~12.5%~~Timber ~~increase~~Holdings inLLC ~~the~~is ~~cost of board production, mainly due to~~ a ~~rise~~US ~~the~~forestry ~~price~~investment ofcompany ~~chemicals~~that is advised ~~and~~by ~~wood,~~Capital ~~which~~Forest ~~represent 35~~Ltda.~~2% and 23.2%, respectively, of total board costs.~~

About ~~Increase of 10.3% in the cost for the production of solid wood products, mainly due to higher labor costs and third-party services, due to the appreciation of the Brazilian real and the Chilean peso.~~ Masisa

Masisa ~~Administrative~~ is a leading furniture and ~~selling~~interior ~~expenses~~architecture ~~fell~~board ~~from~~production 15and marketing company in Latin America.6% toIt 13owns forest assets in most of the region, thereby guaranteeing the raw material for its board business.8% Masisa’s value proposal is to be a reliable brand, and a company close to all its stakeholders, anticipating market needs by means of ~~sales~~product and service innovation, and operating responsibly towards society and the environment.

Masisa ~~Price~~ has ~~increases~~13 production plants in Chile, Argentina, Brazil, Venezuela and ~~expense~~Mexico, all of ~~reductions~~which ~~were~~will ~~not~~have ~~enough~~the toISO ~~offset~~14,001 and OHSAS 18,001 certification. Masisa is currently building an MDF plant in Cabrero, Chile that will have a production capacity of 340,000 m3 a year and will be the ~~higher~~company’s ~~costs~~largest ~~during~~plant in Latin America, mainly for supply to the ~~period~~export market.

Masisa ~~FINANCIAL~~ has ~~SUMMARY~~three other divisions that operate in synergy with its core board division: forestry; solid wood; and retail.

Masisa ~~Second~~ is a ~~Quarter~~publicly-traded ~~ended~~corporation ~~June~~and 30its shares are traded on the Santiago Stock Exchange, ~~2006~~and on the New York Stock Exchange (NYSE: MYS) in the form of ADRs. The company had consolidated net sales of US$886.5 million in 2006.

Forecasts ~~The table below shows the main consolidated financial figures of the Company during the quarter~~ and ~~the percentage change year-over-year.~~ Estimates

	Quarter ended
	Jun 30,	Jun 30,	Change
	2006	2005	%
	(in millions of US$)
Net Sales	218.2	175.9	24.1%
Gross Profit	48.2	46.8	3.1%
Selling and Administrative Expenses	(30.1)	(27.5)	9.3%
Operating Income	18.1	19.3	-5.8%
Net Income	4.1	7.1	-42.7%
	-	-
Depreciation	12.9	12.5	3.0%
Amortization	-
Depletion	4.2	5.6	-25.3%
Earnings per Share (US$)	0.0007	0.0014	-49.1%
Earnings per ADS (US$) (1)	0.04	0.07	-49.1%
(1) One ADS is equivalent to 50 common shares. Masisa (formerly Terranova) ADSs began to trade on August 5th , 2005.
Due to rounding, numbers may not add up.

This press release may contain forecasts, which are different statements from historical facts or current conditions, and include the management’s current vision and estimates of future circumstances, industry conditions and the Company’s performance. Some forecasts may be identified by the use of terms such as “may,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “forecasts” and other similar expressions. Statements about future market share, projected future competitive strengths, the implementation of significant operating and financial strategies, the direction of future operations, and the factors or trends affecting financial conditions, liquidity, or operating income are examples of forecasts. Such statements reflect the current management vision and are subject to various risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. These statements are made based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could lead to the current results of Masisa, and the projected Company activities, to materially differ from current expectations.

Six Months ended June 30, 2006:

The table below shows the main consolidated financial figures of the Company during the first half of 2006 and the percentage change year-over-year.

	Six Months ended
	Jun 30,	Jun 30,	Change
	2006	2005	%
	(in millones of US$)
Net Sales	430.8	354.0	21.7%
Gross Profit	95.6	98.3	-2.8%
Selling and Administrative Expenses	(58.1)	(50.7)	14.8%
Operating Income	37.4	47.6	-21.4%
Net Income	5.2	21.6	-75.6%
	-
Depreciation	25.6	25.2	1.7%
Amortization	-
Depletion	10.5	11.7	-10.7%
Earnings per Share (US$)	0.001	0.004	-78.4%
Earnings per ADS (US$) (1)	0.05	0.21	-78.4%
(1) One ADS is equivalent to 50 common shares. Masisa (formerly Terranova) ADSs began to trade on August 5th , 2005.
Due to rounding, numbers may not add up.

Geographic Segment Information:

The table below describes the main Company segments, by origin of sales for the indicated periods.

	Quarter ended		Six Months ended
	Jun 30,	Jun 30,	Jun 30,	Jun 30,
	2006	2005	2006	2005
	(in millIons of US$)		(in millIons of US$)
Net Sales
Chile	79.6	58.0	153.2	111.8
Brazil	43.4	42.7	93.6	80.1
Venezuela	30.7	24.6	57.4	50.7
Mexico	28.5	25.1	59.0	56.2
USA	55.3	45.7	106.6	86.8
Argentina	30.6	24.9	58.5	48.6
Others (1)	(49.9)	(45.2)	(97.4)	(80.1)
Total	218.2	175.9	430.8	354.0
Gross Profit
Chile	16.8	14.1	30.6	28.8
Brazil	8.4	10.9	18.7	20.6
Venezuela	6.8	5.3	11.4	10.8
Mexico	3.3	4.5	7.6	9.8
USA	5.0	3.0	8.4	6.5
Argentina	8.4	6.0	15.7	12.2
Others (1)	(0.6)	2.9	3.1	9.5
Total	48.2	46.8	95.6	98.3
Operating Income
Chile	5.9	4.8	10.0	12.4
Brazil	4.6	7.1	10.8	13.6
Venezuela	2.4	1.8	2.6	3.8
Mexico	(0.2)	1.1	1.3	3.5
USA	1.5	(0.2)	1.4	0.8
Argentina	5.9	3.6	10.9	7.6
Others (1)	(1.9)	1.0	0.3	5.9
Total	18.1	19.2	37.4	47.6
Depreciation + Amortization + Depletion (2)
Chile	5.3	5.9	12.4	12.7
Brazil	4.4	4.8	9.4	9.7
Venezuela	4.7	3.7	8.5	7.8
Mexico	0.2	0.5	0.8	0.8
USA	0.1	0.2	0.3	0.4
Argentina	2.3	2.5	4.7	5.1
Others (1)	0.1	0.2	0.1	0.2
Total	17.1	17.8	36.1	36.6
(1): Includes Colombia, Peru, Ecuador and inter-company sales adjustments.
(2): Depletion, or stumpage, or consumption of own raw materials.
Due to rounding, numbers may not add up.

Product Segment Information:

The table below shows the Company’s consolidated sales by type of product for the indicated periods:

	Quarter ended		Six Months ended
	Jun 30,	Jun 30,	Jun 30,	Jun 30,
	2006	2005	2006	2005
	(in millIons of US$)		(in millIons of US$)
MDF	72.8	58.7	145.8	120.6
Particle Boards	45.0	37.9	89.7	72.2
Finger-joint Mouldings	23.3	20.0	45.3	40.4
Sawn Wood	20.4	16.5	39.3	32.3
MDF Mouldings	18.7	12.1	32.3	20.7
OSB	12.7	14.5	29.2	25.8
Logs	10.9	6.1	21.6	14.9
Solid Wood Doors	9.5	8.2	18.6	17.9
Other products	4.8	1.8	9.0	9.2
Total	218.2	175.9	430.8	354.0
Due to rounding, numbers may not add up.

The following table details the Company’s sales volume in cubic meters sold, by product type and related to consolidated sales for the indicated periods:

	Quarter ended		Six Months ended
	Jun 30,	Jun 30,	Jun 30,	Jun 30,
	2006	2005	2006	2005
	(thousands of m³)		(thousands of m³)
MDF	231.6	199.4	476.7	423.3
Particle Boards	190.4	180.2	380.7	343.3
Finger-joint Mouldings	47.2	41.3	96.9	80.1
Sawn Wood	98.2	82.3	191.0	162.1
MDF Mouldings	46.5	28.6	82.9	47.0
OSB	55.7	66.5	127.9	119.8
Logs	357.1	310.5	739.3	733.8
Solid Wood Doors	10.3	8.6	20.5	18.6
Total	1,037.0	917.5	2,115.8	1,928.0
Due to rounding, numbers may not add up.

Detail of Sales and Markets:

The table below shows the percentage distribution of consolidated sales by destination market, for the indicated periods.

	Quarter ended		Six Months ended
	Jun 30,	Jun 30,	Jun 30,	Jun 30,
	2006	2005	2006	2005
United States	28.6%	28.7%	27.8%	27.6%
Chile	17.1%	14.9%	17.4%	15.7%
Brazil	14.8%	14.2%	15.6%	13.7%
Mexico	12.9%	14.7%	13.6%	15.7%
Venezuela	9.4%	8.9%	8.7%	8.7%
Argentina	7.7%	7.9%	7.3%	7.3%
Others	9.5%	10.8%	9.6%	11.5%
Due to rounding, numbers may not add up.

Detail of Production Costs:

The table below shows the percentage distribution of the average consolidated production costs for naked particle boards, MDF and OSB for the indicated periods.

	Quarter ended		Six Months ended
	Jun 30,	Jun 30,	Jun 30,	Jun 30,
	2006	2005	2006	2005
Chemicals	35.2%	37.3%	35.5%	38.1%
Wood	23.2%	22.0%	23.2%	21.9%
Depreciation	10.7%	11.3%	10.7%	11.7%
Energy	8.6%	8.3%	8.5%	8.0%
Personnel	8.0%	6.8%	7.8%	6.6%
Others	14.4%	14.3%	14.2%	13.7%
Due to rounding, numbers may not add up.

The table below shows the percentage distribution of the average consolidated production costs for doors, finger-joint mouldings and sawn wood for the indicated periods.

	Quarter ended		Six Months ended
	Jun 30,	Jun 30,	Jun 30,	Jun 30,
	2006	2005	2006	2005
Wood	32.3%	40.1%	35.1%	40.0%
Personnel	24.7%	18.9%	23.9%	18.6%
Services	14.2%	12.5%	13.6%	12.5%
Materials and Supplies	10.1%	10.4%	9.6%	9.9%
Depreciation	7.5%	8.4%	7.5%	8.8%
Energy	3.4%	3.1%	3.3%	3.3%
Others	7.7%	6.6%	7.0%	6.8%
Due to rounding, numbers may not add up.

MASISA S.A. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

	Six Months ended
	June 30,	June 30,
	2006	2005
INCOME STATEMENT	(in US$ thousands)
GROSS MARGIN	95,550	98,288
Operating income	430,809	353,992
Operating costs (less)	-335,259	-255,704
Selling and administrative expenses (less)	-58,132	-50,658
OPERATING RESULT	37,418	47,630
Financial income	2,909	1,735
Net income on investments in related companies	349	494
Other non operating income	1,790	2,282
Loss on investments in related companies (less)	0	0
Amortization of goodwill (less)	-42	-396
Financial expenses (less)	-19,062	-18,651
Other non/operating expenses (less)	-5,301	-2,997
Price/level restatements	0	0
Exchange differences	-5,810	-2,705
NON-OPERATING RESULT	-25,162	-20,238
Result before income taxes and extraordinary items	14,524	29,054
Income taxes	-14,992	-8,871
Extraordinary items	0	0
Net income (loss) before minority interests	-468	20,183
Minority interests	5,717	1,367
Amortization negative goodwill	2,273	1,662
NET INCOME (LOSS) FOR THE PERIOD	5,249	21,550
Due to rounding, numbers may not add up.

MASISA S.A. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

	Six Months ended
	June 30,	June 30,
	2006	2005
CONSOLIDATED BALANCE SHEET	(in US$ thousands)
ASSETS
CURRENTS ASSETS:
Cash and Banks	16,660	13,900
Time deposits	60,690	16,643
Marketable securities (net)	0	674
Accounts receivable (net)	126,970	112,297
Notes receivable (net)	11,232	10,097
Sundry debtors	23,410	34,767
Notes and accounts receivable from related companies	9,047	6,376
Inventories (net)	198,943	211,097
Recoverable taxes	45,902	46,924
Prepaid expenses	11,739	11,473
Deferred taxes	2,892	2,675
Other current assets	414	6,292
Total Current Assets	507,899	473,215
FIXED ASSETS:
Lands	132,755	124,684
Buildings and infrastructure	211,084	208,783
Machinery and equipment	838,309	835,149
Other fixed assets	677,942	596,868
Goodwill from technical reappraisal of fixed asset	7,390	7,390
Depreciation (less)	-399,320	-356,267
Total Fixed Assets	1,468,160	1,416,607
OTHER ASSETS:
Investments in related companies	4,409	3,834
Investments in other companies	205	199
Goodwill	1,207	1,645
Negative goodwill (less)	-60,508	-43,296
Long term debtors	4,837	5,255
Long term notes and receivables from related companies	0	0
Long term deferred taxes	0	0
Intangible assets	53	138
Amortization (less)	-21	-35
Others	26,769	30,325
Total Other Assets	-23,049	-1,935
TOTAL ASSETS	1,953,010	1,887,887

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MASISA S.A. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

	Six Months ended
	June 30,	June 30,
	2006	2005
CONSOLIDATED BALANCE SHEET	(in US$ thousands)
LIABILITIES
CURRENT LIABILITIES:
Short term obligations to banks and financial institutions	73,426	101,390
Short term portion of long term obligations to banks and financial	51,622	73,250
institutions
Obligations to the public -short-term portion (bonds)	30,096	47,433
Long term obligations due within one year	0	271
Dividends payable	503	297
Accounts payable	52,469	62,632
Notes payable	727	484
Sundry creditors	2,540	2,007
Notes and accounts payable to related companies	6,500	2,913
Provisions	23,048	16,915
Withholdings	15,455	11,981
Income tax	5,004	4,298
Revenue received in advance	187	1,260
Other current liabilities	26	13
Total Current Liabilities	261,603	325,144
LONG-TERM LIABILITIES:
Obligations to banks and financial institutions	202,253	156,102
Long term obligations to the Public (bonds)	277,645	257,240
Long term sundry creditors	184	299
Long term Provisions	1,425	640
Long term Deferred taxes	46,599	41,278
Other long term liabilities	18,568	19,204
Total Long-Term Liabilities	546,674	474,763
MINORITY INTEREST:	19,419	99,018
SHAREHOLDERS' EQUITY:
Paid/up capital stock	812,880	696,481
Capital revaluation reserve	0	0
Overcharge in company share sales	0	0
Other reserves	182,689	159,379
Retained Earnings	129,745	133,102
Reserves future dividends	51,424	51,424
Accumulated profits	73,072	60,128
Accumulated losses (less)	0	0
Net income (loss) for the period	5,249	21,550
Interim dividends (less)	0	0
Accumulated deficit for development period	0	0
Total Shareholders' Equity	1,125,314	988,962
TOTAL LIABILITIES	1,953,010	1,887,887

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MASISA S.A. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

	Six Months ended
	June 30,	June 30,
	2006	2005
CONSOLIDATED STATEMENT OF CASH FLOW – DIRECT	(in US$ thousands)
CASH FLOW FROM OPERATING ACTIVITIES:
Collection of accounts receivable	535,715	426,363
Financial income received	6,085	3,960
Dividends and other distributions received	0	0
Other income received	13,473	13,158
Payments of suppliers and personnel (less)	-454,861	-373,638
Interest paid (less)	-29,649	-16,317
Income tax paid (less)	-7,110	-5,735
Other expenses paid (less)	-2,755	-2,162
V.A.T. and similar paid (less)	-7,708	-8,185
Net Cash Flow from Operating Activities	53,190	37,444
CASH FLOW FROM FINANCING ACTIVITIES:
Placement of shares	44,012	0
Loans drawn	208,078	69,312
Bonds	162,965	0
Documented loans from related companies	0	0
Other loans from related companies	0	0
Other financing sources	0	0
Dividends paid (less)	-11,491	-52,111
Distribution of capital (less)	0	0
Loans repaid (less)	-228,435	-34,934
Bonds paid (less)	-169,605	-9,000
Repayment of documented loans from related companies (less)	0	0
Repayment of other loan form related companies (less)	0	0
Stock issuance and placement expenses (less)	-852	0
Bond issuance and placement expenses (less)	0	0
Other financing disbursements (less)	0	-6
Cash Flow from Financing Activities	4,672	-26,739
CASH FLOW FROM INVESTING ACTIVITIES:
Sales of fixed assets	1,588	1,062
Sales of permanent investments	0	0
Sales of other investments	212	0
Collection of documented loans to related companies	0	0
Collection of other loans to related companies	0	1,622
Other investment income	0	0
Acquisition of fixed assets (less)	-54,463	-31,561
Interest capitalized repaid (less)	-1,172	-2,744
Permanent investments (less)	-24,340	0
Investments in financial instruments (less)	-204	-2
Documented loans to related companies (less)	0	0
Other loans to related companies (less)	0	0
Other investment disbursements (less)	0	-5,017
Net Cash Flow from Investing Activities	-78,379	-36,640
NET TOTAL CASH FLOW FOR THE PERIOD:	-20,517	-25,935
Effect of inflation on cash and cash equivalents	10	-8
Net variation in cash and cash equivalents	-20,507	-25,943
Initial balance of cash and cash equivalents	97,857	58,530
FINAL BALANCE OF CASH AND CASH EQUIVALENTS	77,350	32,587

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MASISA S.A. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

	Six Months ended
	June 30,	June 30,
	2006	2005
CASH FLOW TO NET INCOME RECONCILIATION	(in US$ thousands)
NET INCOME (LOSS) FOR THE PERIOD	5,249	21,550
Results on sales of assets:
(Profit) loss on sales of fixed assets	-43	-863
Profit on sales of investments (less)	0	0
Loss on sales of investments	0	0
(Profit) loss on sales of other assets	0	0
Results on Sales of Assets:	-43	-863
CHARGES (CREDITS) TO INCOME NOT AFFECTING CASH FLOW:
Depreciation for the period	25,408	24,793
Amortization of intangible assets	227	407
Write-offs and provisions	935	7,256
Income from investment in related companies (less)	-349	-494
Loss from investment in related companies	0	0
Amortization of goodwill	42	396
Amortization of negative goodwill (less)	-2,273	-1,662
Net price-level restatements	0	0
Net foreign exchange difference	5,810	2,705
Other credit to income not affecting cash flow (less)	-57	-276
Other charges to income not affecting cash flow	11,405	12,318
Charges (Credits) to Income Not Affecting Cash Flow:	41,148	45,443
CHANGES IN ASSETS AFFECTING CASH FLOW:
Accounts receivable	-12,688	-9,198
Inventories	12,469	-12,446
Other assets	-2,077	-9,828
Changes in Assets Affecting Cash Flow (increases) decreases	-2,296	-31,472
CHANGES IN LIABILITIES AFFECTING CASH FLOW:
Accounts payable related to operating income	5,505	2,312
Interest payable	8,176	4,001
Net income taxes payable	-4,138	-5,792
Other accounts payable related to non/operating income	3,764	1,072
Net value added tax and similar payable	1,542	2,560
Changes in liabilities affecting cash flow (increases) decreases	14,849	4,153
Profit (loss) of minority interest	-5,717	-1,367
NET CASH FLOW FROM OPERATING ACTIVITIES	53,190	37,444

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Forward-Looking Information

This news release may contain forward-looking statements. Forward-looking statements are statements other than statements of historical facts or current condition, and include without limitation management’s current view and estimates of future circumstances, industry conditions and company performance. Some forward-looking statements may be identified by our use of the terms “ may”, “should”, “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends”, “projects”, and similar expressions. Statements regarding future market share, projected future competitive strength, the implementation of relevant operating and financing strategies, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or operating results are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could cause the actual results of Masisa, and the planned actions of the company, to differ materially from current expectations.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 29, 2006
	Masisa S.A.
	By:
		/s/ Patricio Reyes
		Patricio Reyes
		General Counsel

Date: June 1, 2007


	Masisa S.A.

	By:	/s/ Patricio Reyes
		Patricio Reyes General Counsel

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