Honolulu-based oil, natural gas and real estate company Barnwell Industries Inc. narrowly missed earning a profit in its 2011 fiscal year after a poor fourth quarter.

The company reported on Monday a net loss of $109,000 for the 12 months ended Sept. 30, compared with a profit of $3.8 million in the same period last year.

A net loss of $533,000 in the fiscal fourth quarter, the three months ended Sept. 30, pulled the company into the red.

Morton Kinzler, Barnwell’s chairman and CEO, said a $1.2 million reduction in value for real estate held for sale during the year — $917,000 of which occurred in the last quarter — contributed to the negative results.

Other negative factors included a decline in leasehold land sales revenue from $3.6 million to $1.3 million, a 10 percent decline in natural gas prices, less revenue from drilling and the absence of a tax benefit totaling $1.5 million last year overcame a 12 percent rise in oil production and a 22 percent gain in oil prices.

Barnwell has ownership stakes in Hawaii Island resort property and statewide water-drilling operations, but the majority of revenue is from oil and natural gas operations in Alberta, Canada. Revenue totaled $38.5 million last year, down from $41.9 million the year before.

Kinzler said the company remains in a “solid” financial position, and was able to repay $2.3 million in long-term debt last year.

Shares of Barnwell stock fell 6 cents in trading Monday on the American Stock Exchange after the earnings announcement to close at $3.12.