Washington Real Estate Investment Trust reported third-quarter profits of $2.1 million (40 cents a share), up 18 percent from $1.8 million (34 cents) in the same period in 1983.
The trust's nine-month net income from operations increased 37 percent to $6.2 million ($1.16) from $4.5 million (91 cents) for the first nine months of 1983. Profits for the same period of 1983 were $12.1 million, including a gain of $7.5 million ($1.51) from the sale of of the Washington Circle Inn.
The company said that office buildings and residential units contributed to the increased profits.
Fair Lanes Inc., a Baltimore company primarily involved in the bowling business, reported a loss of $652,000 (5 cents a share) for its first quarter ending Sept. 30 compared with a profit of $879,000 (7 cents) in 1983.
The company attributed the higher profit in the same quarter last year to income from the operation and disposition of an interest in Treadway Inn of Newport and the benefit of a tax loss carry-forward associated with that transaction.
The company, which operates 107 bowling centers in 19 states and Puerto Rico, attributed the first-quarter loss to adding 14 bowling centers and some nonrecurring expenses. The firm disposed of two unprofitable bowling centers after the end of the quarter.
Revenue increased 13 percent to $19.9 million for the first quarter from $17.6 million in the same period last year.
International Bank of Washington reported third-quarter profits of $2.4 million (40 cents a share) compared with a loss of $488,728 (4 cents) in the same period last year. The company said that all of its groups were profitable for the third quarter except the Property/Casualty Insurance Group.
For the first nine months, the company reported a loss of $5.1 million ($1.53) compared with profits of $6.8 million (53 cents) in the same period last year.
Arundel Corp. said its third-quarter net income increased 72 percent to $1.7 million (86 cents a share) from $989,000 (53 cents) last year, largely because of the sale of a 35-acre parcel of property in Anne Arundel County. The Baltimore real estate and construction materials company said revenue was $20.6 million, up from $16.1 million the year before.
Nine-month earnings declined 30 percent to $1.4 million (69 cents), from $2 million ($1.11) in 1983 due to increases in administrative costs, interest and other expenses, the company said. Revenue for the nine-month period increased to $51.4 million from $44.7 million the year before.
General Physics Corp., a Columbia, Md., firm that provides training and research services for utilities, said its third-quarter net income increased 2 percent to $721,000 (19 cents a share) from $708,000 (19 cents) in the same quarter of 1983. Revenue climbed 7 percent to $9.6 million from $8.9 million.
The company attributed the improvement to continued demand for its training and operations services at nuclear power plants and its continued expansion of services for fossil power plants and the defense industry. Nine-month profits increased 14 percent to $2 million (56 cents) on sales of $28.8 million from $1.8 million on sales of $25.6 million last year.