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EARNINGS

January 22, 1988

Alcoa's earnings fell 21% to $200.1 million in 1987, although the figures include an after-tax charge of $141.8 million for writedowns and an extraordinary charge of $23.9 million to retire high-interest debt. The year-ago period, the Pittsburgh company said, included a net gain of $138.2 million from the combined effects of a real estate sale and other special items.

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