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Expecting a profit this year, The New York Post restored half the workday its employees gave up to help the tabloid cut costs and stay in print.

Post owner Peter Kalikow projected a profit for 1991 of about $14 million on about $120 million in revenues, the first year in a long time the newspaper would end in the black, The New York Times reported Friday.In negotiations with Kalikow last September, the Newspaper Guild agreed its members would give up one work day per week, or 20 percent of their pay.

Once the newspaper's management acknowledged it was in the black, the union negotiated an extra 35 minutes a day at overtime rates to add the equivalent of 31/2 hours' work. Restoring the hours that way keeps the current contract intact. Guild members on Tuesday approved the change 109-31.

Guild President Barry Lipton said new contract talks are under way and the union will fight to get back the entire fifth day.

"Our people have made sacrifices to keep the paper going," Lipton said.

Kalikow said the Post has kept much of the circulation and advertising it gained during the 41/2-month strike at the Daily News.