Business briefs

Advertiser Staff

Home resales best in nation

Hawai'i topped the nation in annual increase in existing-home sales last quarter. Home resales in Hawai'i rose 33.9 percent in the fourth quarter compared with the same quarter of 2001, the National Association of Realtors said yesterday.

No. 2 was Nevada, where existing-home sales rose 32.0 percent from a year earlier. Alabama posted the third-highest increase, up 22.3 percent.

Eighteen other states also recorded double-digit sales gains from a year ago. Sales declined in only four states.

Oil firm reports higher earnings

Barnwell Industries Inc., a Honolulu-based oil exploration company, said it had net earnings of $870,000, or 64 cents per share, in the three months ended Dec. 31, compared with a net profit of $150,000, or 11 cents per share, a year earlier.

Morton Kinzler, CEO of Barnwell, said the company had net earnings of $600,000 in the quarter from the second of its 10 scheduled option payments relating to the development rights within Hualalai Resort.