Mortgage Investors of Washington yesterday reported its second profitable quarter in a row and said its operations are continuing to improve under a new management group.

Mortgage Investors posted earnings of $223,490 (6 cents share) for the three months ended March 31, in contrast to losses of $422,000 in the same period a year ago.

The fourth-quarter earnings helped Morgage Investors cut its operating losses for the year from more than $2 million in 1980 to $265,000 for fiscal 1981, Chief Executive William H. Savage told stockholders at the company's annual meeting yesterday.

Including gains from the sale of property, Mortgage Investors reported a loss for the year of $241,000 compared with earnings of $1.6 million (75 cents) in 1980 when the company made a $3.6 million gain by selling off assets.

Shareholders approved changing the name of the real estate trust to MIW Investors of Washington and elected five new directors representing European interests who invested $15 million in the firm and took over its management last November.

The name change, Savage said, reflects a new direction for the firm, which will participate in development and direct ownership of real estate as well as providing mortgage financing.

Computer Data Systems of Bethesda reported its earnings climbed to just over $1 million ($1.38 a share) from $804,000 ($1.15) for the fiscal year ended June 30. Revenues were up 11 percent to $16.5 million from $14.8 million for the firm, which provides consulting and data processing services.

Crown Central Petroleum of Baltimore reported second-quarter earnings increased to $3.9 million (58 cents a share) from $3.4 million (50 cents) while revenues climbed to $382 million from $333 million. For the first six months of its fiscal year, Crown Central lost $6.3 million, compared with profits of $14.9 million ($2.19) the previous year. Sales for the first half totaled $761 million, up from $639 million, but Crown Central said its operations continue to be hurt by an oversupply.

Allegheny Beverage Corp. of Baltimore, a soft drink bottler that owns Macke Co., reported second-quarter profits of $2.5 million (63 cents a share), compared with $1.7 million (45 cents), as sales increased to $113 million from $37 million. The sales jump reflects asquisition of Macke on Jan. 30.

Kay Corp Jan. 30.

Kay Corp. of Alexandria, a retail jewelry and commodities firm, posted a net loss of $5.4 million in the second quarter, compared with earnings a year ago of $4.9 million ($1.36 a share). Sales fell to $145 million from $224 million.

Union Trust Bancorp of Baltimore reported a 111 percent increase in second-quarter operating profits to $3.2 million ($1.32 a share), compared with $1.5 million (63 cents) in the depressed quarter a year ago. Six-month operating earnings, not counting gains or losses from selling securities, rose 74 percent to $5.8 million ($2.37) from $3.3 million ($1.36).