International Telephone & Telegraph Corp., the world's largest manufacturer of telecommunications equipment, reported yesterday a decline in fourth quarter profits last year although revenues rose.

For the quarter ended last Dec. 31, the company said it earned $152 million ($1.05 a share) down from $181 million ($1.27) in the comparable year-ago period.

Sales totaled $6.6 billion, up from $5.7 billion a year earlier.

ITT said it earned $381 million ($2.65) last year, down sharply from $662 million ($4.66) in 1978. Sales in 1979 totaled $22 billion, up from $19.4 billion in 1978.

The annual figures include a one-time special charge of $320 million ($2.32) to cover the closing of ITT's Quebec pulp mill in September.

ITT's other businesses include consumer products, insurance, automotive parts, telephone operations, natural resources, food processing and utility operations.

F.W. Woolworth Co. reported higher earnings for the fourth quarter and for all of 1979, helped by a change in British tax laws affecting the firm's stake in the British Woolworth chain.

In the final quarter of 1979, Woolworth earned $105 million ($3.56) compared with $83 million ($2.83) in the same period of 1978.

Profits for the year amounted to $181 million ($6.02) versus $130 million ($4.34) in 1979.

Net income for the year included a $28 million tax benefit accruing from a change in British tax laws that brought earnings from the firm's 52.7 percent stake in F.W. Woolworth & Co. Ltd. of Great Britain to $30 million.

Sales in the fourth quarter increased to $2.15 billion from $1.95 billion in the same period of 1978. Sales for the year came to $6.6 million, up from $6.1 billion in the year before.

The New York Stock Exchange operated at a $3.9 million profit last year compared with a profit of $6.2 million in 1978, the exchange said in its annual report released yesterday.

The NYSE said it made major spending commitments last year for new systems and facilities to increase efficiency and handle heavier volume. In addition the 1979 results reflected start-up costs for the New York Futures Exchange, a subsidiary that plans to begin trading in financial futures contracts later this year.

Gross revenues climbed 10.2 percent last year to $106.7 million, while expenses excluding income taxes rose 19.5 percent to $98.6 million, the exchange said.

Caesar's World Inc., the hotel-casino operators, reported its second quarter net income climbed 325 percent to $10.83 million, compared with $3.33 million for the same period a year ago.

Caesar's operates the Caesar's Palace Hotel-Casino in Las Vegas; Caesar's Tahoe in Stateline, Nev.; three resorts in Pennsylvania; a microprocessor computer firm in New York and has real estate operations in Florida. An 86-percent owned subsidiary, Caesar's New Jersey Inc., operates the Boardwalk Regency Hotel Casion in Atlantic City, N.J.

Second quarter revenues totaled $127 million compared with $56.3 million a year ago. Second quarter earnings per share were 41 cents, compared with 14 cents for the second quarter a year ago.

The second quarter results exclude losses of $2.3 million from Caesar's Tahoe operation. Pre-opening and development costs are being amortized over a three-year period.