THE VIRGINIAN-PILOT 
              Copyright (c) 1994, Landmark Communications, Inc.

DATE: Saturday, October 15, 1994             TAG: 9410170245
SECTION: BUSINESS                 PAGE: D1   EDITION: FINAL 
SOURCE: Staff reports 
                                             LENGTH: Short :   43 lines

EARNINGS

Resource Bank's profit doubles: Resource Bank announced Friday that its profit jumped 103.7 percent for the third quarter ended Sept. 30. The bank, with one office in Virginia Beach, made $189,991 in the period, up from $93,284 in the the same quarter a year ago. Resource's earnings rose in response to an increase in earning assets. Since last year, the bank's assets have increased 42.5 percent to $61.1 million. The bank also said that its previously approved reverse stock split, in which it will exchange one share of its new stock for three of its old, will occur Nov. 15.

Reynolds Metals Co. turns a profit: Reynolds Metals Company said Friday that it earned $62 million, or 86 cents per share, in the quarter ended Sept. 30, mainly resulting from the sale of a subsidiary. That compared to a net loss of $28 million, or 47 cents per share, a year ago. Revenues in the quarter were $1.61 billion, compared to $1.34 billion in the 1993 third quarter. Aluminum shipments were 410,000 metric tons, compared to 386,000 metric tons in the 1993 third quarter. The third-quarter gain includes an after-tax gain of $41 million, or 66 cents per share, from the sale of Reynolds Australia Metals, Ltd., which held a 40 percent interest in a major Western Australia gold mine. The year-ago results for the third quarter include an after-tax charge of $8 million, or 13 cents per share, to cover costs associated with the curtailment of primary aluminum production.

Record quarterly earnings for Richmond REIT: United Dominion Realty Trust Inc. reported record quarterly revenue on Friday from third quarter operations. The real estate investment trust, or REIT, had revenues of $14.2 million, or $0.28 per share, up 43 percent a share from the same period last year. The REIT had $39.5 million in rental income, up from $22.7 million in the third quarter 1993. United Dominion now owns 27,547 apartments in the mid-Atlantic and Southeast, from Delaware to Florida, including 9,633 additional apartments acquired during 1994. It also owns approximately two million square feet of shopping centers and other commercial space. by CNB