Nynex Corp.: The New York-based telecommunications company...

Nynex Corp.: The New York-based telecommunications company reported first-quarter profit of $283.6 million, down 9% from a year ago. Revenue totaled $3.2 billion, up 3%. The firm said the results include a $10-million charge for its thwarted bid to acquire an interest in a transatlantic fiber-optic cable. Higher revenue was attributed to increased activity of the firm’s non-regulated businesses.

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