KaiserTech Posts $389-Million Loss in Second Quarter

KaiserTech Ltd. reported a net loss of $389.1 million for the second quarter, primarily because of previously announced writedowns of various operations.

The loss included $357 million in writedowns of the company’s electrical-products manufacturing business and its idle aluminum-making operations.

By comparison, KaiserTech, which is the recently formed parent of Kaiser Aluminum & Chemical Corp., posted a $30.6-million loss in the second quarter of 1986.

KaiserTech’s aluminum operations returned to the black in the second quarter, recording an operating profit of $5.3 million, compared to an operating loss of $41.8 million in the year-ago quarter.