A loss in newsprint and lumber operations cut third quarter profits of Times-Mirror Co. to $1.08 a share from $1.25 a year ago on a rise in revenues to $452.9 million from $410.8 million.

Net income slipped to $36.7 million from $42.5 million.

Nine months profit was 96.9 million ($2.84 a share) on sales of $1.37 billion compared with $109.4 million ($3.22) a year earlier on sales of $1.2 billion.

Dr. Franklin D. Murphy, chairman, said most of the firm's business "performed quite well in the context of the current recession."

Coca Cola Co., the nation's leading soft drink maker, said yesterday its profits in the third quarter fell 16 percent to $102.6 million (83 cents a share) from $122.2 million (99 cents) in the same quarter of 1979.

Sales for the July-to-September period were $1.577 billion, up 18.5 per cent from $1.331 billion in the comparable period last year.

Board Chairman J. Paul Austin said net income for the first nine months of the year was $326.3 million, down 1.5 percent from $331 million in the same period last year.

Per-share earnings for the nine months were $2.64 on sales of $4.399 billion. That compares with earnings of $2.68 a share on sales of $3.709 billion in the nine-month period.