comscore Strong fourth quarter lifts up Barnwell Industries for the year | Honolulu Star-Advertiser
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Strong fourth quarter lifts up Barnwell Industries for the year

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Barnwell Industries Inc. posted a $2.2 million profit in its fiscal fourth quarter to boost itself into the black for the year.

The Honolulu-based company, which generates the majority of its revenue from its Canadian oil and natural gas operations, ended its fiscal year ended Sept. 30 with a profit of $672,000 compared with a loss of $8.6 million in fiscal 2013.

Last quarter, Barnwell earned 26 cents a share compared with the year-earlier quarter when it lost $1.6 million, or 20 cents a share.

Barnwell said Monday its 2014 gain was fueled by higher prices received for oil and natural gas products, increased land sales payments received on Hawaii island, and an increase in water drilling contracts.

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