COMALCO SAYS LOWER COSTS HELPED RETURN TO PROFITS Comalco Ltd <CMAC.S> 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 continued to suffer from low prices and excess capacity, though the weak Australian dollar had helped earnings. Withdrawal from the <Showa Aluminium Industries KK> joint venture had been recapitalised in expansion by the <New Zealand Aluminium Smelters Ltd> project with Japan's <Sumitomo Aluminium Smelting Co Ltd>, permitting repayments and increases in liquid funds totalling 165 mln dlrs, it said. As previously reported Comalco's <Commonwealth Aluminium Corp> unit has conditionally agreed to sell its smelter at Goldendale, Washington, and port facilities at Portland, Oregon to <Columbia Aluminium Corp>. Comalco said it had made a 27.3 mln dlr extraordinary provision for Goldendale losses and closure costs but that if the sales agreement were completed it would reduce the provision made in the 1986 accounts. The other items in the total extraordinary loss of 140.5 mln dlrs were a 102.9 mln write-off of unrealised exchange losses and 10.3 mln for an increase in future tax provision.