Barnwell loses $2.9 million amid lower petroleum output

Barnwell Industries Inc., which generates most of its revenue from its oil and natural gas operations in Canada, posted a slightly narrower loss in its fiscal second quarter.

The Honolulu-based company said Friday it had a net loss of $2.9 million, or 36 cents a share, in the three-month period ended March 31. That compared with a loss of $3 million, or 36 cents a share, in the year-earlier quarter.

Revenue fell 5.5 percent to $6.8 million from $7.2 million.

Barnwell Chairman and CEO Morton Kinzler said the book value of its oil and natural gas properties declined $2.2 million in the quarter compared with a $1.9 million book-value decline a year earlier in the company’s Hawaii island real estate held for sale.

The company also said its results were affected by decreased production for all petroleum products, lower oil prices and an increase in oil and natural gas operating expenses from the previous year.

Barnwell’s stock was unchanged at $3.10 on the New York Stock Exchange. The results were announced before the market opened.