A Hawaii company engaged in Canadian oil production said it expects higher revenue this year after investing in a new oil property, but the firm suffered a financial loss in its last fiscal year.
Honolulu-based Barnwell Industries Inc. recently reported a $1.8 million loss for its fiscal year ended Sept. 30. The loss reversed a $1.2 million profit in the prior fiscal year that was largely driven by a return on an investment in resort land on Hawaii island.
Barnwell has a 20 percent stake in partnerships selling house lots at Kukio Resort near the Four Seasons Resort Hualalai. In the 2017 fiscal year, the partnerships sold lots from which it received a $4.5 million return. In the recent fiscal year, Barnwell proceeds from Kukio lot sales totaled $1.6 million.
The company, which has 31 employees and also does water drilling work in Hawaii, produced total revenue of $9.4 million in the recent fiscal year, down from $13 million in the prior period.
During the recent fiscal year, Barnwell sold one oil and natural gas property in Canada that resulted in a $2.3 million gain and spent $10.4 million acquiring another oil property in Canada. The company said the new property will significantly improve its revenues and oil reserves.
Shares of Barnwell stock closed near a 52-week low on Wednesday at $1.33. The low was $1.28 on Dec. 27. The high in this period was $2.67 on Jan. 22.
FISCAL-YEAR LOSS
$1.8 million
YEAR-EARLIER NET
$1.2 million
ON THE MOVE
Bank of Hawaii has named the following new vice president hires:
>> Sherri Lee as vice president and primary relationship officer for its Pearlridge commercial banking center. Her 27 years of commercial banking experience include nine years at Bank of Hawaii from 1991 to 2000; she most recently was at Central Pacific Bank.
>> Tom Spurling as vice president and director in its enterprise project management office. His more than 20 years of project management include his previous position as director of the enterprise project management office for First Tech Federal Credit Union in Portland, Ore., as well as experience with Toyota Financial Systems in Torrance, Calif.
>> Steve Strobel as vice president and vendor risk manager for its finance department. His experience includes his previous position as a director in global strategic sourcing for First Data Corp. in Atlanta for 13 years and as a senior manager in sourcing for JPMorgan Chase Bank in Columbus, Ohio, for eight years.
