Posted at 1:02 p.m., Monday, August 14, 2006
Business briefs: State pension fund returns up 10.7%
Advertiser Staff
The pension fund for state and county employees today reported a 10.7 percent total return for fiscal year 2006, the third straight year the fund has beat its investment target.Total assets for the Employees' Retirement System rose to $9.9 billion as of June 30, exceeding the fund's goal of an 8 percent return.
The pension fund ended the year on a positive note despite a weak finish — it posted a out a 0.5 percent loss in the fiscal fourth quarter.
The fund's portfolio includes a mix of stocks, bonds and real-estate investments. ERS officials said they expect the fund's gains will be revised upward at a later date after real estate gains are fully accounted for.
Barnwell Industries earnings up sharply in second quarter
Barnwell Industries Inc. said its earnings rose 247 percent increase in the April-June quarter, helped by proceeds from the sale of a residential development in North Kona on the Big Island.
Honolulu-based Barnwell earned $3 million, or 35 cents a share, in the second quarter, up from $874,000, or 10 cents a share in the same period a year earlier.
Barnwell's 78 percent-owned real estate development partnership, Kaupulehu Developments, in June closed a real estate transaction on the second phase of an 870-acre development in North Kona that is scheduled to include residences and a golf course. Barnwell recognized net revenue of $6.2 million from the transaction.
Barnwell also reported an 8 percent increase in revenue from oil and natural gas production in the April-June quarter compared with the same period a year earlier.
