Communications Satellite Corp. reported essentially flat operating earnings in its fiscal 1985 first quarter compared with a year ago, but net income was 29 percent higher because the company lost $3.3 million in the earlier period through its interest in Satellite Business Systems.

Comsat said it earned $15.9 million (88 cents a share) on revenues of $121.9 million in the latest quarter compared with earnings of $12.3 million (68 cents) on revenues of $105.1 million a year earlier.

* Circuit City Stores Inc. of Richmond, a retailer of consumer electronic products, continued its string of profitable years with a 68 percent increase in profits for its 1985 fiscal year ended Feb. 28. Sales were up 46 percent; earnings per share grew by 57 percent. For the final quarter of the year, profits were up 55 percent, sales up 44 percent and per-share earnings increased 40 percent.

For the latest quarter, the company recorded a profit of $8.9 million (80 cents a share, fully diluted) on sales of $179.7 million compared with fiscal 1984 fourth-quarter earnings of $5.7 million (57 cents) on sales of $124.6 million.

For the full year, Circuit City's profits rose to $20.2 million ($1.93) on sales of $519.2 million from $12 million ($1.23) on sales of $356.7 million for the prior year.

* Hotel Investors Trust, a real estate investment trust that specializes in developing hotel properties, reported flat earnings in its fiscal 1985 second quarter ended Feb. 28. Together with its affiliate, Hotel Investors Corp., the firm earned $891,000 (34 cents) for the three months compared with $895,000 (34 cents) for the same period in fiscal 1984. This does not include a fiscal 1984 second-quarter gain of $244,000 (9 cents) from the sale of the Tucson Hilton.

The second-quarter results include net income of $1.6 million (62 cents) from Hotel Investors and a net loss of $757,000 (28 cents) from Hotel Investors Corp. For the six months ended Feb. 28, Hotel Investors showed net earnings of $2.6 million (99 cents) compared with $2 million (78 cents), not including the one-time gain.

The company said its second-quarter results showed improvement at the Milwaukee Marriott and the Phoenix Granada and a strong performance at Tysons Corner Residence Inn. But the company said these gains were offset by poorer results at Dallas Mariott Park Central and other facilities.

* Greater Washington Investors announced that its net asset value increased by 8.1 percent from $7.82 a share to $8.45 a share during its fiscal 1985 first quarter ended March 31. The company said this represents a 9.2 percent return on shareholder's equity for the quarter. President Don A. Christensen said the increase was due, in large measure, to a strong stock market performance during the quarter.

The decision by stockholders to reinvest dividends worth $770,000 (25 cents) in additional shares of stock contributed to the increase in net asset value, the company said.