Barnwell Industries Inc.'s earnings jumped more than fourfold in its fiscal first quarter due to higher land investment revenue, increased operating profit on contract drilling work and a significant income tax benefit.

The Honolulu-based producer of oil and natural gas in Alberta, Canada, reported yesterday that its earnings rose to $2 million, or 24 cents a share, in the quarter ended Dec. 31 compared with earnings of $424,000, or 5 cents a share, in the year-earlier quarter. The gain was in contrast to the company's previous losses of $4.6 million in the fiscal fourth quarter and $24.4 million for the full-year 2009.

“;We are pleased to report significantly improved results for our first quarter,”; said Morton H. Kinzler, Barnwell's chairman and chief executive officer.

The earnings included a nearly $1.25 million tax benefit and a $572,000 after-tax write-down related to the company's real estate investments on the Big Island.

Recent real estate sales at Kaupulehu, the company's 77.6 percent-owned partnership on the Big Island, were recognized in the quarter ended Dec. 31 and, as anticipated earlier by company leaders, did much to help Barnwell start fiscal 2010 on a positive note.

Kaupulehu Developments received $2.65 million, the ninth of 10 scheduled payments, related to its development rights within the Hualalai Resort in North Kona. The company also netted $1.16 million in sales payments and $886,000 in development options. Two homes built by the company's residential real estate segment at Kaupulehu are finished, with one listed for sale.

Still, Kinzler said the company's earnings increases in its land investment and contract drilling segments “;were partially offset by lower operating profits”; in its oil and natural gas segment “;due to lower natural gas prices and production.”;

The company had been hurt in the fourth quarter by “;very low”; oil and natural gas prices that cut into its revenue. However, for the most recent quarter, Barnwell also saw its revenue rise 32.7 percent to nearly $13.2 million from $9.9 million a year ago.