A Richmond real estate investment trust has reported a dramatic jump in profits in 1980, while a Maryland stainless steel producer has had declines in its quarterly and half-year earnings despite revenue gains over the comparable periods last year.

Old Dominion Real Estate Investment Trust of Richmond reported earnings for 1980 of $588,434 (83 cents a share), including $476,701 in gains on the sale of real estate, up from $67,466 (10 cents) for 1979. Revenues for the year were $3.5 million, up from $2.7 million.

Fourth-quarter net income was $142,291 (20 cents), including a $92,165 gain on the sale of real estate, up from $67,466 (10 cents) for 1979. Revenues for the year were $3.5 million, up from $2.7 million.

Fourth-quarter net income was $142,291 (20 cents), including a $92,165 gain on the sale of real estate, compared with $31,539 (5 cents). Revenues were $924,031 compared with $721,787. The company said fourth-quarter results were helped when the proceeds from a 10 3/4 percent convertible subordinated debenture offering were used to retire bank and short-term mortgage debt.

Eastmet Corp., a Cockeysville, Md., stainless steel producer, reported net income for its second quarter ended Dec. 31 of $853,000 (17 cents a share), down from $2.7 million (70 cents). Revenues were $73.5 million, up from $62.2 million.

First-half net income was $1.5 millio (31 cents), down from $4.1 million ($1.02).Revenues were $145.7 million, up from $119.5 million.

"Operating results reflect the price competition which continued in the stainless steel industry throughout the first two quarters of fiscal 1981," Eastmet Chairman George R. Walsh said in his quarterly report to stockholders. "At the same time, we have been increased costs over the levels of a year ago for raw materials and operating expenses."