clarinews@clarinet.com (01/19/90)
MONTREAL (UPI) -- Alcan Aluminum Ltd. Thursday reported fourth-quarter earnings of $142 million, or 60 cents a share, down 44 percent from $255 million, or $1.09 a share, in the like 1988 period. Revenues in the fourth-quarter declined to $2.09 billion from $2.2 billion in the 1988 quarter. For the year ended Dec. 31, Alcan reported earnings of $835 million, or $3.58 a share, down from $931 million, or $3.85 a share, in 1988. Revenues for the year rose to $8.84 billion compared with $8.5 billion in the previous year. David Morton, chairman and chief executive officer, said while earnings did not equal the record level of 1988, they were almost double those of 1987 and represented a healthy return on shareholder's equity. Alcan said the drop in earnings resulted from lower fabricated products shipments and higher material and labor costs. The natural resource company said demand in North America showed some weakness, notably in the automotive and construction markets. Alcan's operations include the production of aluminum and related products, and the production and sell of industrial chemicals. The company employs about 56,000 people in plants worldwide including North and South America, Europe, Asia, Africa and Australia.