Gulf & Western Industries Inc. posted a profit of $74.3 million ($1.05 a share) in its fourth quarter ended July 31 compared with a loss of $401.6 million a year earlier.

That loss included a hugh write-off for divestment of assets, including several natural resource and manufacturing operations.

Gulf & Western's remaining operations, including movies, publishing, financial services and consumer and industrial products, generated revenue of $1.14 billion in the latest quarter, compared with $945 million, excluding results from businesses being sold, G&W said.

Meanwhile, the Great Atlantic and Pacific Tea Co. Inc. said yesterday that a one-time gain from the sale of securities and the strong performance a new subsidiary helped it to record increased profits for its second fiscal quarter ended Sept. 8.

Gulf & Western's full-year profits were $259.9 million ($3.57) for the full fiscal year compared with a net loss of $212.1 million in the previous fiscal year.

Revenue rose to $4.18 billion from $3.69 billion.

The company did not provide a division-by-division profits breakdown, but it did report strong gains for its entertainment and communications divison, led by the motion pictures subsidiary, Paramount Pictures Corp.

The Great Atantic & Pacific Tea Co. said its net income climbed to $19.4 million (51 cents a share) in its second fiscal quarter ended Sept. 8 from $11.2 million (30 cents) during the same period in 1983.

Sales climbed 15.5 percent to $1.38 billion from $1.19 billion. First-half profits surged sixfold to $170.8 million ($4.54) from $24.37 million (65 cents), as sales rose 14.6 percent to $3.1 billion from $2.7 billion. Chairman James Wood cited new and remodeled stores for improvements.