Barnwell Industries swings to profit

Barnwell Industries swings to profit

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - Barnwell Industries, which has holdings on the Big Island and in Canada, has posted a $1.5 million quarterly profit.

Honolulu-based Barnwell (NYSE: BRN) owns land around Hualalai Resort and has oil and natural gas leases in Alberta.

The company lost $17 million in the same quarter last year, but most of it was a "paper loss" caused by a regulatory requirement to book assets differently.

Barnwell also noted that oil prices doubled from the same quarter last year.

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