P.M. BRIEFING : Georgia-Pacific Earnings Drop

Georgia-Pacific Corp. said today that its second-quarter earnings were down 38% from a year ago, reflecting the costs involved in its recent $5-billion takeover of Great Northern Nekoosa Corp.

Earnings for the three months ended June 30 were $107 million, or $1.25 a share, down from $172 million, or $1.90 a share, in 1989’s second quarter. The recent three-month period was the first full quarter in which the two corporations were combined.

The rival paper-products companies agreed to merge in February, ending nearly four months of resistance by Connecticut-based Great Northern.

Georgia-Pacific’s sales for the quarter were $3.5 billion, up from $2.6 billion in the second quarter last year, but the increase was offset by takeover-related interest expenses, the company said.