Alcoa of Australia Ltd &lt;AA.S> owned 51 pct by the Aluminum Co of America &lt;AA> said net profit rose to 20.2 mln dlrs in the first quarter of 1987 from 0.8 mln in the same 1986 period. Sales revenue climbed to 300.9 mln from 233.0 mln. The company paid 36.5 mln income tax compared with 4.8 mln. Capital expenditure was 24.0 mln against 33.4 mln. Alcoa spent 15.7 mln on its new Portland aluminium smelter compared with 25.8 mln the year before. Over 65 pct of the smelters first potline is on stream and by the second quarter it will be producing at the full annual rate of 150000 tonnes a year.
ALCOA OF AUSTRALIA REPORTS INCREASED EARNINGS