Central Virginia Bankshares Inc. reported a third-quarter net loss of $1.05 million, or a loss of 46 cents per share, compared with a loss of $16.89 million, or $6.56 per share, in the year-earlier quarter. Core earnings, or net income after adjustments related to investment losses in Fannie Mae and Freddie Mac and a special assessment, were $571,368 compared with $942,656 in the year-earlier quarter.

General Motors, its river of red ink stemmed by a trip through Bankruptcy Court, reported a narrower quarterly loss yesterday and said it would start repaying billions of dollars in government loans that helped keep it alive. GM lost $1.2 billion in the third quarter—far less than the $6 billion it lost in the first three months of the year, before GM was transformed by a stay in Chapter 11. The company credited a sharp reduction in debt as well as sales of new models.

American shoppers are splitting again: The affluent are finally starting to buy, picking up designer clothes at such places as Nordstrom, while those on the lower economic rungs are still scrimping by, heading to Wal-Mart for the basics. Recent earnings reports from major retailers suggest that the wealthy, who pulled back their spending the hardest during the financial meltdown last fall, are once again being enticed to open their wallets and going back to higher-end outlets.

Richmond biopharmaceutical company Insmed Inc. reported it lost $150,000 in the quarter ending Sept. 30, compared with a loss of $2.2 million in the same period a year earlier. On a per-share basis, the loss in the third quarter was break-even compared with a 2-cent loss in the year-ago period. Revenue for the third quarter was $2.5 million, compared with $4.1 million for the corresponding period in 2008.

Higher prices for North American tobacco have boosted Universal Corp.‘s earnings so far this fiscal year despite a drop in shipments of leaf. Volumes rose in South America and Asia, while Universal’s African operations got a boost from a better mix of leaf and increased income from processing. Richmond-based Universal’s profit for the second quarter ended Sept 30 rose 26 percent from the year before to $52.5 million, or $1.77 a share, despite a 17.5 percent drop in revenue to $647.9 million.

A mild hurricane season boosted Markel Corp.‘s financial results, helping the Henrico County-based insurer to swing into the black for the third quarter, after losing money the year before. Unlike last year, when claims soared above premium collections, Markel returned to a more normal ratio, with claims at 96 percent of premiums. Last year, claims were 124 percent of premiums, with 22 percentage points from hurricanes.

Kraft Foods said slower sales, lower retail food prices and the comparison with a gain a year ago helped cut its third-quarter profit 40 percent, but the company raised its forecast for the year. The company said it remains interested in a possible offer for British candy company Cadbury PLC but did not disclose a time frame or price.

Profit at Tredegar Corp. fell slightly in the third quarter as sales continued to decline. The Richmond-based maker of plastic films and aluminum extrusions reported a net profit of $10.99 million, or 32 cents per share, for the quarter, compared with a profit of $11.07 million, or 33 cents per share, in the prior year period. Revenue fell 23 percent to $175.7 million.

Bank of Virginia expects to enter into a written agreement with the Federal Reserve Bank in the current fourth quarter to improve its capital levels. “While we do not know the exact contents of the written agreement at this time, we expect that it will require us to implement plans to improve our risk management and compliance systems, oversight functions, operating and financial management and capital gains,“ said Frank Bell, president and chief executive officer of the Midlothian-based bank.

Genworth Financial Inc. swing back into the black after five straight money-losing quarters, as losses from its investments declined. The Henrico County-based insurance giant reported profit of $45 million, or 4 cents a share, in the third quarter, compared with a $258 million loss a year ago. Its net loss on investments was $122 million, well below the loss of $816 million it suffered a year ago, as worldwide bond and stock markets melted down.

A possible early sign that a fragile economic recovery may be under way came from Richmond yesterday, when MeadWestvaco Corp. reported a slight rise in the amount of bleached paperboard it sold in late summer. The white-surfaced cardboard is used to package a wide range of products, from breakfast cereal to electronics, and it is one of the first things businesses start buying when they sense orders starting to rise.

WALL STREET For the week that ended Oct. 23. Dividends Quarterly unless noted Increased Artesian Rescs .1873 from .1784 Bank of Marin .15 from .14 Boardwalk Pipeline .495 from .49 Brown & Brown .0775 from .075 Cass Info Sys .14 from .13 Columbia Sportswear .18 from .16 Eaton Vance .16 from .155

Consumers may be shopping for computers again, but Microsoft Corp. still needs businesses to do the same. Microsoft said yesterday that its revenue kept falling, and its net income dropped 18 percent in the third quarter, partly because of the hesitation of businesses. They are more profitable for Microsoft than consumers are. But big cost cuts at Microsoft made a difference, helping the company deliver earnings well above analysts’ expectations.

AT&T Inc.‘s net income dipped as revenue from traditional landlines fell faster than the company cut costs. But AT&T pleased investors yesterday by showing that it is thriving in the wireless business, adding a record number of data-hungry iPhones to its network. AT&T, the country’s largest telecommunications provider, said it added 2 million wireless subscribers in the third quarter, matching the pace of a year ago despite a general slowdown in industry growth because most people already have a cell phone.

A deep slump in advertising sales that has battered many media companies is showing signs of easing, Richmond-based Media General Inc. said yesterday after posting a third-quarter loss. The company, which owns the Richmond Times-Dispatch, took an $84 million noncash write-down on the value of some assets. That contributed to a loss of $62.5 million, or $2.80 per share, for the third quarter, compared with a profit of $6.1 million, or 27 cents, in the same period last year.