Barnwell Industries swings to profit

HONOLULU (HawaiiNewsNow) - Barnwell Industries Inc. has posted an annual profit of $3.8 million, compared to a $24.4 million loss the previous year.

Honolulu-based Barnwell has land holdings on the Kona side of the Big Island as well as oil and natural gas leases in the Canadian province of Alberta.

The company reported Monday it made millions more in sales payments and development rights receipts from its 77.6% share of Kaupulehu Developments, and also enjoyed a $1.5 million benefit from a change in tax law, but also wrote down the carrying value of investments and real estate by $2.1 million.

Barnwell year at a glance (and year-ago figures):

  • Revenue: $41.8 million ($32.2 million).
  • Net: $3.8 profit ($24.4 million loss).
  • Per share: 46 cents ($2.96 loss).

In the last quarter alone, Barnwell logged a profit of $84,000 compared to a $4.6 million loss in the same period last year.

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