Benefiting from higher fuel prices, Barnwell Industries Inc. said earnings for its 2008 fiscal year increased 234 percent to $11.7 million.

The locally based company said it netted $1.39 per share for the 12 months ending Sept. 30, which was up sharply from 41 cents in the previous fiscal year.

The results came on revenues of $65.6 million, which was up from fiscal 2007's $47.4 million.

Shares of Barnwell closed at $4.75 on the American Stock Exchange yesterday, down 24 cents.

Morton Kinzler, Barnwell's chairman and chief operating officer, said the company's net income was the second highest in Barnwell's 52-year history. The record high came in 2006, when the company benefited from a $4.1 million tax-related gain to earn $14.6 million for the year.

But Kinzler added that Barnwell's operating income for fiscal 2008 was the company's highest ever.

Revenues from oil and natural gas increased by $14.8 million dollars during the latest fiscal year due to higher fuel prices.

Meanwhile, the company's land development partnership, Kaupulehu Developments, received payments of $4.4 million last year. The payments stem from development rights within the Hualalai Resort on the Big Island. Barnwell owns 77.6 percent of Kaupulehu.

Barnwell also reported that operating profits from its contract drilling operations more than doubled to $1.7 million during its latest fiscal year due to increased demand.

Founded in 1956, Barnwell explores and develops oil and natural gas in Canada, conducts contract drilling for water in Hawai'i and owns real estate and develops residential properties throughout the state.