Virginia Electric & Power Co. and Communications Satellite Corp. yesterday reported reduced profits in the April-June quarter compared with the same period a year ago.

Richmond-based Vepco, which is seeking State Corporation Commission approval for a $189 million increase in rates for electricity service in Virginia, said net income fell 11 1/2 percent to $37.8 million (23 cents a share) from $42.7 million (30 cents) in the 1980 quarter.

Revenues rose to $485 million from $473 million, but Vepco listed higher operating expenses, fuel costs and interest on long-term debts as causing the reduced profitability. In the first six months, Vepco profits feel 5 percent to $92 million (63 cents) from $97 million (73 cents). Part of the sharper decline in per-share earnings reflects more common shares outstanding.

President William Berry said nuclear generation supplied 40 percent of Vepco's total energy supply in the first half of 1981.

Communications Satellite Corp. said second-quarter profits fell by 33 percent to $6.1 million (77 cents a share) from $9.1 million ($1.14), mainly because of expected increases in costs related to a young company in which Comsat is a partner, Satellite Business Systems. SBS is a communications service firm owned by Comsat, Aetna Life & Casualty and International Business Machines Corp., and Comsat's share of losses and costs reduced net income by $6.2 million in the quarter.

Revenues rose $9.4 million to $81.6 million, and directors yesterday approved a quarterly dividend of 57 1/2 cents a share, payable Sept. 14 to owners of record Aug. 14. Six-month earnings of Comsat rose to $26 million ($3.28) from $19 million ($2.38), with all of the increase reflecting effects of a one-time accounting change.

Reynolds Metals Co. of Richmond reported second-quarter net income fell to $45.3 million ($2.33 a share) compared with $58.1 million ($3.02) last year. Net income includes gains involved with foreign currency transactions of about $16.7 million (87 cents) compared with $2.5 million (13 cents) in the second quarter last year. Revenues of Virginia's largest industrial firm were $950.2 million compared with $957.1 million.

Net income for the first six months was $78.3 million ($4.02) compared with $110.2 million ($5.72). First-half net income includes foreign currency transactions of $25.5 million ($1.33) compared with $10.7 million (56 cents) last year. Revenues declined to $1.8 billion from $1.83 billion a year ago.

"The economy is recovering at a slower pace than many expected, and there continues to be weakness in several key markets, including building and construction, automotive, cans and foreign markets," Chairman David P. Reynolds said. Second-quarter shipments were 315,500 tons compared with 351,800 last year.

Robertshaw Controls Co. of Richmond reported second-quarter earnings of $2.3 million (65 cents a share) compared with $1.3 million (32 cents). Revenues were $92.7 million compared with $82.6 million.

For the first six months net income was $3.8 million ($1.07) compared with $4.5 million ($1.14). Sales were $191.1 million compared with $174.6 million. The improvement in second-quarter earnings was attributed to improved sales domestically, which offset reduced export activity.

Easco Corp., a Baltimore mechanics hand tool manufacturer, reported second-quarter earnings of $2.8 million (85 cents a share) compared with a loss of $1.2 million. Revenues increased from $72.3 million to $105.8 million. For the first six months, earnings were $5.3 million ($1.60) compared with a loss of $356 million. Sales were $203 million compared with $150.2 million.

Bank of Virginia Co. reported second-quarter net income before securities transactions of $4.1 million (73 cents a share) compared with $3.6 million (65 cents). For the first six months, net income before securities transactions was $6.9 million ($1.23) compared with $6.8 million ($1.25) for the Richmond-based bank holding company.