International Telephone & Telegraph Corp. reported last night that profits reached record levels last year -- up 130 percent from 1979 because of extraordinary gains related to the sale of land in Canada and because of an unusual loss the previous year.

Chairman Rand V. Araskog said earnings for the year were an estimated $6.12 a share compared with $2.65 a share in 1979. No total earnings figures were available from the diversified communications and consumer goods conglomerate but Araskog said that, excluding extraordinary items in both years, ITT profits were up 11 percent to the new high.

Worldwide revenues, including insurance and finance operations, rose 8 percent to $23.8 billion. Araskog cautioned that while 1981 results are expected to be better than those of last year, gains will be difficult if current foreign exchange and related accounting practices prevail.

CBS Inc. reported yesterday that it earned $69.6 million ($2.50 a share) in the final quarter last year, up from $63.98 million ($2.29) a year earlier, but that profits for the year fell to $192.97 million ($6.92) from $200.71 million ($7.21) because of soaring program costs.

Revenues for the quarter rose to $1.17 billion from $1.109 billion; for the year, they rose to $4.062 billion from $3.73 billion in 1979.

The New York Times Co. reported record annual profits for 1980 yesterday but said earnings declined in the final three months of the year as a result of high newsprint costs and losses in the books division.

For the year, the company earned $40.6 million ($3.37 a share), up from $36.4 million ($3.06) in 1979. Revenues wer $733.2 million, up from $653.1 million a year earlier. Fourth-quarter profits totaled $10.7 million (89 cents), down from $11.6 million (97 cents) in the last three months of 1979. Revenues rose to $191.8 million from $169.6 million.