* ITT Corp. said its profit rose...

* ITT Corp. said its profit rose in the fourth quarter but fell for the whole year because of the recession and the stronger dollar.

Earnings at the communications, insurance, industrial products, paper and hotel conglomerate rose 132% to $195 million, or $1.44 a share, in the fourth quarter, from $84 million, or 65 cents a share, a year earlier.

However, the profit in the 1990 quarter was depressed by one-time charges and provisions that totaled $218 million, including $98 million after taxes to cover discontinued operations.

In addition, the 1991 fourth quarter was boosted by after-tax portfolio gains on investments at the ITT Hartford insurance unit and ITT Financial totaling $79 million. ITT enjoyed almost no such gain in 1990’s fourth quarter.

Revenue in the fourth quarter totaled $5.35 billion, down 2% from $5.45 billion in the 1990 quarter.

For all of 1991, ITT earned $817 million, or $6.05 a share, down 15% from $958 million, or $6.85 a share, in 1990.

Revenue of $20.4 billion was off 1% from $20.6 billion in 1990.

ITT said operating profit rose in 1991 at its Hartford insurance business, its communications and information services business, its defense unit and its financial services operation.

However, operating profit fell at its Sheraton hotel chain, its forest products unit, its fluid technology business and its automotive products unit.

Its electronic components unit reported an operating loss.