Barnwell Industries Inc., a Honolulu company involved in producing oil in Canada and selling Big Island resort property for residential use, accomplished a $4.8 million financial turnaround in its recent fiscal year ended Sept. 30.

The company reported Thursday that it earned $1.2 million in the period compared with a $3.6 million loss in the prior fiscal year.

For the fiscal fourth quarter, Barnwell earned $657,000, compared with a $1.4 million loss a year earlier.

Alexander Kinzler, Barnwell CEO, said in a statement that the turnaround for the year was driven primarily by the sale of two house lots at Kukio Resort near the Four Seasons Resort Hualalai, and by improved oil and natural gas operations. Selling a company office in New York also helped.

Barnwell received $2.5 million from Kukio sales as a member of partnerships developing and selling residential lots and homes at the resort. In oil and gas operations, the company said it generated an operating profit in the recent fiscal year that was better than a year earlier when business was hurt by low oil prices. Barnwell also reported making a $527,000 gain on the sale of its New York office.

Revenue totaled $13 million in the recent fiscal year, down from $13.6 million a year earlier.

Shares of Barnwell stock rose 3 cents Thursday to close at $2.05 after the earnings announcement. Shares over the past 52 weeks have closed between a $1.59 low on Jan. 3 and a $2.47 high on Feb. 27.