Posted at 11:47 a.m., Friday, May 10, 2002
Oil exploration firm posts loss
Advertiser Staff
Barnwell Industries Inc., a Honolulu-based oil exploration company, said it had a net loss of $210,000, or16 cents a share, in the last quarter due to a decrease in natural gas and oil prices.
The quarter's loss compares to net earnings of
$1.4 million, or $1.02 a share, in the same period a year ago.
Morton Kinzler, chairman and CEO, said: "Net earnings have decreased due to ... declines in oil and natural gas revenues ... due primarily to significant decreases in petroleum prices, factors beyond the company's control."
