Kaiser Aluminum Suffers Loss in Quarter; Lower Metal Prices Blamed
Kaiser Aluminum & Chemical reported a net loss of $29.3 million for the first quarter, compared to net income of $17.4 million in the same period of 1986.
Last year’s first quarter included $51.4 million in pretax gains from non-operating items. Sales rose to $537.3 million from $530.7 million.
Chairman Cornell C. Maier attributed the loss to lower aluminum prices, among other things.
Maier noted that the aluminum division had an operating loss of $24.3 million, slightly larger than the $22.1-million operating loss recorded in the first quarter of 1986 but smaller than the fourth-quarter loss of $32.9 million.
Operating earnings of the Oakland company’s industrial and specialty chemicals division declined during the quarter.
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