Barnwell Industries Inc., a Honolulu-based oil, gas and real estate company, turned a nearly $1 million profit in its fiscal third quarter, reversing a loss it had in the same quarter last year.

The company said Wednesday it earned $971,000 in the April-June period compared with a year-earlier $216,000 loss.

Barnwell said the turnaround was due to more real estate sales in the recent quarter offset partially by lower prices and operating profits from oil and natural gas production.

Revenue dropped in the recent quarter to $5.2 million from $6.8 million a year earlier.

Barnwell, which has residential real estate investments on Hawaii island through a partnership, said its profit primarily came from selling five lots in the recent quarter compared with one lot a year earlier.

Along with the earnings report, Barnwell announced that it has agreed to sell a significant part of its oil and natural gas production operations in Canada for $15 million. The sale, which is expected to close in mid-September and generate $14 million in proceeds, represents the company’s largest natural gas property.

Morton Kinzler, Barnwell chairman and CEO, said in a statement that the sale was made because gas and revenue production from the properties in the Dunvegan and Belloy areas of Alberta dropped off after more than 40 years in use.

Wells in the Dunvegan area represented 70 percent of Barnwell’s natural gas production last year, according to the company’s 2014 fiscal year report.

Barnwell said the sale, if it closes as expected, will make the company heavily reliant on land investment proceeds to fund operations in the near term.

Shares of Barnwell stock rose after the announcement to close at $2.05 Wednesday, up 31 cents from $1.74 on Tuesday that represented a 52-week low for the company’s stock. The 52-week high was $3.13 on May 15.