COMALCO SAYS LOWER COSTS HELP RETURN TO PROFITS

  Comalco Ltd said its return to profit
  reflected reduced costs, improved primary aluminium prices and
  its withdrawal from a Japanese smelter venture.
      It said the earlier reported 57.1 mln dlr profit for the
  year ended December 31 against a 69.13 mln dlr loss in 1985 was
  also aided by lower interest rates on U.S. Dollar debt and
  greater sales of bauxite and aluminium.
      Comalco said it expected to pay at least a four cents per
  share final dividend, delayed until July 1 to take advantage of
  proposed dividend imputation laws.
      This would make five cents for the year against a first and
  final of one cent in 1985.
      Comalco said the aluminium industry continues to suffer
  from low prices and excess capacity, though the weak Australian
  dollar had helped earnings.
      Comalco's Commonwealth Aluminium Corp unit said earlier it
  has conditionally agreed to sell its Goldendale smelter in
  Washington, and port facilities at Portland, Oregon to Columbia
  Aluminium Corp. Comalco said its extraordinary provision of
  27.3 mln dlrs costs for Goldendale losses and closure may be
  reduced if the sales agreement were completed.
  

