SAN FRANCISCO -- Faced with continuing credit woes, Firstfed Financial Corp., Santa Monica, Cal., reported a second-quarter loss of $25.6 million, or $2.42 per share, compared with an $8.3 million profit for the comparable period last year.

For the first six months of 1994, Firstfed lost $31.7 million, or $3.01 per share, compared to a net loss of $8.1 million in the first six months of 1993.

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