Barnwell Industries posts
$300,000 profit for quarter
Barnwell Industries Inc. said today it swung to a $300,000 profit in its fiscal second quarter from a year-ago loss as increases in petroleum prices pumped up revenues.
The Honolulu-based company, which has oil and gas operations in Alberta, Canada, and develops leasehold land on the Big Island, saw revenues jump 61.5 percent to just under $6 million in the quarter ending March 31 compared with $3.7 million a year earlier.
The company's net income equated to a gain of 22 cents a share compared with a loss of $210,000, or 16 cents a share, a year ago.
Morton H. Kinzler, Barnwell's chairman and chief executive officer, said the company continues to invest heavily in oil and gas exploration and development. Kinzler said Barnwell invested $2.2 million in those areas last quarter and $4.1 million during the first six months of its fiscal year.
Barnwell, which owns a 77.6 percent controlling interest in Kaupulehu Developments, said the partnership is negotiating with an independent party interested in developing Kaupulehu's leasehold land, which is zoned for resort/residential. The property is adjacent to and north of the Four Seasons Resort Hualalai at Historic Kaupelehu on the Big Island.
Barnwell, whose stock hit a 10-year high Friday of $23.40, closed down 65 cents today at $22.75.
