Nynex Corp. said its first-quarter profit rose...
From Times Staff and Wire Reports
Nynex Corp. said its first-quarter profit rose 2.8% from the year-ago period, despite a soft Northeast economy, while Bell Atlantic Corp.’s profit rose 7.4% for the current first quarter.
Nynex, based in White Plains, N.Y., said its profit rose to $291.4 million from $283.6 million in the year-ago period.
Revenue rose to $3.30 billion from $3.23 billion in the 1989 period.
The company attributed the increasing contribution of non-telephone operations and cost control measures to its higher quarterly results. The results included a $39-million charge for employees taking an early retirement plan, which was mainly offset by regulatory and accounting credits.
