MCI Communications Corp. has reported its first profitable quarter in history and is beginning negotiations to restructure its bank debts, according to chairman William G. McGowan.

For the three months ended Dec. 31, MCI earned $1.2 million (5 cents a share) compared with a loss of $6.9 million in the same period last year. Revenues rose from $7.8 million to $16.8 million.

McGowan said the recent quarter's results included $1 million from the sale of MCI's investment in CML Satellite Corp. (now Satellite Business Systems, Inc.). For the first nine months of MCI's fiscal year, also ended Dec. 31, the firm had a net loss of $552,000 on sales of $45 million compared with a year-earlier loss of $20 million on sales of $18 million.

The microwave communications firm, which is in competition with American Telephone & Telegraph Co. for intercity business, has launchered taks with five lending banks on existing credit agreements. McGowan said his firm's goal is to stretch-out principal repayments from the current two and one-half year schedule.

W. Bell & Co., Inc., a catalog showroom retailer based in Rockville, reported profits of $553,000 (58 cents a share) in the six months ended Dec. 25 compared with $408,000 (42 cents) in the same period of 1975. Sales rose 33 per cent ot $25 million in the recent six months, which included to November-December holiday seasons, when sales normally peak.

Bell opened two of its 10 showrooms during October, in Lanhamand Baltimore.

Richmond Corp., parent firm of Life Insurance Co. of Virginia and Lawyers Title Insurance Co., reported that 1976 was the second-best year since the combined firm was organized in 1968.

Profit totaled $31.5 million ($2.38 a share) compared with $14.2 million ($1.08) in 1975, a gain which president Warren M. Pace attributed to increased life insurance sales, title revenues and general insurance agency volume. Revenues rose to $371 million form $361 million.

Union First National Bank of Washington reported a 15 per cent increase in profits last year to $3.6 million ($1.59 a share) compared with $3.1 million ($1.38) in 1975. Assets rose 6.4 per cent in 1976 to $589 million, according to chairman Francis G. Addison III.

Bank of Vienna, in Northern Virginia, reported 1976 profits of $134,000 ($1.58 a share) compared with a loss the previous year of $57,000. Bank vice president Donald McLaughlin noted that the rebound took place even after the bank added $45,650 to reserves for possible loan losses. Deposits rose by $2 million to $8 million and total resources topped $10 million by year's end, he said.