Barnwell suffers drop in earnings

Advertiser Staff

Barnwell Industries Inc., a Honolulu-based oil exploration company, said a 23 percent drop in its net earnings over the past year reflected increased investment in land and oil and gas exploration that sets the stage for improved revenue growth.

In the year to Sept. 30, Barnwell said its net earnings were $3.83 million, or $2.82 per share, compared with $5.01 million, or $3.67 per share the year before.