Aloha Airlines posted a profit for the second month in a row in June.

The local carrier, which filed for bankruptcy protection in December, posted an operating income last month of $3.4 million. In May, the company reported an operating profit of $2.5 million.

The results came on sales of $40.4 million, which was up from May's revenues of $38.5 million.

BARNWELL PROFIT FALLS TO $874,000

Barnwell Industries Inc. yesterday reported net earnings of $874,000, or 30 cents per share, in the second quarter, compared with net earnings of $1.19 million, or 42 cents a share a year earlier.

Morton Kinzler, chairman and chief executive officer, said the earnings decline was attributed to a $1.25 million increase in stock appreciation rights expense resulting from a 25 percent rise in the price of Barnwell's stock in the second quarter. Also, the prior year's net earnings included $200,000 of non-cash deferred tax benefits from reductions in corporate tax rates in Alberta, Canada, where Barnwell does business.

Honolulu-based Barnwell Industries Inc. and its subsidiaries are principally engaged in exploring for, developing, producing and selling natural gas and oil in Canada, investing in leasehold land in Hawai'i, and drilling wells and maintaining water systems in the Islands.

Oil and gas revenues increased $1.33 million, or 21 percent in the second quarter from a year earlier. Additionally, contract drilling revenues rose $710,000, or 76 percent. Barnwell shares closed yesterday down 41 cents at $61.49.

TREE-HARVESTING FIRM WINS TIME

The Board of Land and Natural Resources yesterday directed the Department of Land and Natural resources to develop a new licensing agreement with Tradewinds LLC.

Seattle-based Tradewinds has a state license allowing the harvest of 12,000 acres of eucalyptus and maple planted in the Waiakea Forest Reserve on the Big Island. However, difficulties obtaining financing have set the project back substantially.

Board members yesterday debated canceling the Trade-winds agreement, but instead decided to explore a partnership agreement. The board is scheduled to discuss Trade-winds at its Sept. 23 meeting on the Big Island.

OUTRIGGER BUYS BEACHCOMBER

Outrigger Enterprises, Inc. announced yesterday it signed an agreement to acquire the Waikiki Beachcomber Hotel from an affiliate of Tokyo-based Mitsui Leasing & Development Ltd.

The sale is expected to close in mid-October, after which the hotel will operate as the Ohana Waikiki Beachcomber Hotel. The purchase price was not disclosed.

Outrigger said it plans to offer positions to nearly all Beachcomber employees and work with others to find jobs at other properties, including Outrigger hotels. Outrigger also said it plans a major renovation of the hotel in 2007.

"Not only is the Waikiki Beachcomber a great fit for our company, but it also allows us to replace some of the hotel rooms we have lost to the ... Waikiki Beachwalk project," said David Carey, Outrigger president and chief executive.