Allegheny Airlines reported earnings of $5.8 million for the second quarter of 1977, compared with net earnings of $10.2 million for the same period in 1976.

During the first half of 1977, Allegheny posted a net loss of $5.1 million compared with net earnings of $1.2 million for the first half of 1976.

Avemco Corporation, a national aviation insurance and financial services organization based in Bethesda, reported its 10th consecutive profitable quarter. Net earnings were $481,000 (17 cents per share) for the second quarter of 1977 compared to earnings of $780,000 (26 cents) for the same period last year.

"We are pleased with our earnings progress this year," said Arnold H. Johnson Avemco chairman "despite the comparison with last year's second quarter in which the ratio of losses to premium was an unusually low 37 per cent in the insurance subsidiary, compared to the more normal 75 per cent in this year's second quarter. In the second quarter of 1976, there was a dramatic decrease in the number of serious aviation accidents reported."

Bank of Virginia announced that both second quarter and mid-year earnings increased substantially over the depressed level of last year. Net income for the second quarter totaled $2.9 million (62 cents per share), up from $2 million (41 cents per share) for the same period a year ago.

For the first six months of 1977, income was $5.7 million ($1.24 per share), up from $4.7 million ($1.01 per share) for the same period in 1976.

First & Merchants Corp. reported net income of $2.5 million (75 cents per share) for the second quarter, up 32 percent from $1.9 million (57 cents per share) for the second quarter of 1976. For the first six months, net income was $4.5 million ($1.38 per share) up 18.5 per cent from the same period in 1976.

Dominion Bankshares Corp. of Virginia reported income before securities transactions of $3.4 million (54 cents per share) for the quarter ended June 30 up 10.5 per cent over the $3 million (43 cents per share) earned in the same period last year. Net income for the second quarter was $3.4 million.

For the first six months of 1977, income before securities transactions was $6.1 million (97 cents per share), which represents an increase of $20,000 for the same period last year.

A.H. Robin Co., a Richmond-based pharmaceutical manufacturer, reported an increase in sales but a decline in earnings for the second quarter of 1977.

Net earnings totaled $6.9 million (26 cents per share), a 6 per cent decrease from the second quarter of 1976 net earnings were $7.4 million (28 cents per share). Sales for the three months ended June 30 totaled $74.9 million, an increase of 6 per cent over the corresponding period last year.

For the first six months of 1977 sales increased 5 per cent to a total $141 million. Net earnings, though, suffered a 20 per cent decline from the first six months of 1976 to $13.6 million (52 cents per share)