Barnwell Industries Inc., a Hawaii company with resort home investments and water well drilling operations locally along with oil and natural gas production in Canada, lost $512,000 in its fiscal third quarter, compared with a $775,000 profit a year earlier.

The Honolulu-based firm said the loss occurred despite the company gaining $527,000 by selling its office in New York.

The year-ago profit was driven by a $1.8 million gain on Barnwell’s share in a $20 million house lot at Kukio Resort on the Big Island.

In the recent quarter ended June 30, Barnwell’s revenue totaled $1.3 million, which included $940,000 in oil and gas sales as well as $360,000 from Hawaii drilling work. A year earlier, revenue totaled $8.5 million, which included $7.5 million from real estate sales with the balance from fuel production and drilling work.

Barnwell for more than a year has been cautioning investors that it projects negative cash flow from energy production because of declines in oil and gas prices, lower production, and expenses from aging assets. So the company said it has to rely more on real estate investment returns. However, Barnwell has no control over Hawaii property development and sales as a noncontrolling investor in projects on Hawaii island that include 870 acres of resort property with 25 home lot parcels remaining in a first phase.

The company said it had about $19 million in working capital as of June 30, and agreed in June to sell an oil and gas property in Alberta for $1.1. million.

Shares of Barnwell stock closed Wednesday at $1.82 after the earnings announcement, down from $1.90 on Tuesday, then slipped to $1.77 Thursday. Shares over the last 52 weeks have closed as low as $1.42 on Aug. 12 and as high as $2.47 on Feb. 27.