Barnwell netStar-Bulletin staff
Barnwell Industries Inc. today reported second-quarter earnings of $30,000, reversing a loss from the year-earlier period.
The profit, amounting to 2 cents a share on revenue of $2.8 million, compares with a loss of $2.9 million, or $2.22 per share, on revenue of $2.9 million a year ago.
The 1998 loss was due primarily to a $2 million write-down for costs of developing oil and gas properties.
Barnwell, a Honolulu-based oil and natural gas exploration company, said the profit for the period ended March 31 came despite oil prices dropping to near 25-year lows. Prices for the company's oil and natural gas liquids fell 24 percent and 44 percent, respectively, from a year ago, Barnwell said.
But oil prices started rebounding dramatically in March.
Barnwell also is a partner in Kaupulehu Developments, which is developing a resort, residential and commercial project on the Big Island.
Morton Kinzler, Barnwell chairman, said Hawaii County granted zoning approval in April for the second phase of the project, which eventually will cover 1,000 of roughly 2,100 acres of land held by Kaupulehu near Kona. A hotel and a golf course already have been developed in the first phase.