A fiscal third-quarter loss for Honolulu-based Barnwell Industries Inc. grew by about $1 million on weaker results from real estate, energy resource production and other operations.
Barnwell reported Monday that it lost $1.4 million in the three months ended June 30, up from a $374,000 loss in the same period last year.
Revenue rose in the same comparable period to $3.4 million from $3.2 million.
The company said the main reason for the bigger loss was having no land sale proceeds from a majority-owned partnership with investments in the Kaupulehu resort area on Hawaii island. In the year-ago quarter, Barnwell received $1.3 million in proceeds related to Kaupulehu.
Barnwell, which also extracts oil and natural gas in Canada, said this part of its business had a $216,000 reduction in operating results, while contributions from other affiliates fell by $395,000 in the recent quarter.
One gain for Barnwell in the recent quarter came from contract drilling operations where results improved by $305,000.
The company said it intends to invest $1.9 million to advance two oil drilling projects in Canada.
Shares of Barnwell stock fell 5 cents Tuesday to 94 cents. No significant trades of Barnwell stock occurred Wednesday. The 52-week range for the stock was between $1.99 Aug. 20 and 91 cents Aug. 7.