UPDATE 1-Kaiser Aluminum's 1st-qtr profit drops on pricing

* Q1 earnings plunge * Revenue falls to $266 mln versus $399 mln NEW YORK, April 29 (Reuters) - Kaiser Aluminum Corp said on Wednesday that first-quarter profit dropped more than 90 percent as the price of aluminum slumped. Net income fell to $3.8 million, or 19 cents per share, from $39.1 million, or $1.90 per share in the same quarter of 2008, the Foothills Ranch, California-based company said. Net sales fell 33 percent to $266 million, amid a sharp decline in industrial production and lower demand of its products for automotive uses. Aluminum prices have tumbled from a peak of $3,380 per tonne last July. In the first quarter, the price fell 9 percent from $1,530 to $1,392. On Monday the metal was selling at around $1,440.