ITT’s 1st-Quarter Profit Up 43%

International Telephone & Telegraph Corp., engaged in an effort to streamline its operations, today reported that its first-quarter profit this year climbed 43% from 1984.

Net income for the quarter rose to $113.3 million, or 75 cents a share, from $79.3 million, or 52 cents a share, a year earlier. ITT said the latest quarterly profit included a $38-million gain from the settlement of telecommunication contract disputes with the Nigerian government.