International Harvester Co. reported a 12 per cent increase in its third quarter profits to $42.2 million ($1.51 a share) earlier.

Nine months profit on continuing operations was $127.4 million ($4.32) on sales of $4.26 billion, up from $125 million ($4.33) a year ago when there were 600,000 more shares. The sales gain was 8.2 per cent.

Chairman Brooks McCormick said truck sales increased 17.3 per cent for the nine months to $1.87 billion and farm machinery sales grew 4.4 per cent to $1.73 billion. Construction and industrial machinery sales rose 4.9 per cent to $530.4 million, while turbine sales declined 27.9 per cent to $128.5 million.

Procter & Gamble Co., the giant soap, toiletries and food producer, reported a 10.6 per cent rise in fourth quarter profits to $95 million ($1.15) from $86.2 million (1.04) a year ago.Revenues rose to $1.8 billion from $1.65 billion.

The Cincinnati-based P&G, whose brands include Ivory soap, Crest toothpaste and Floger's coffee, reported full-year earnings of $461.5 million ($5.59 a share), up from $401.1 million ($4.86) a year before. Sales rose from $6.51 billion to $7.28 billion.