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The Honolulu Advertiser
Posted on: Monday, December 14, 2009

Lower oil and natural gas prices hurt Barnwell's earnings

Advertiser Staff

Lower prices for oil and natural gas hurt earnings for Honolulu-based Barnwell Industries Inc. in the three months ended Sept. 30.

The company engaged in energy exploration in Canada and real estate investment and development in Hawai'i reported a net loss of $4.6 million, or 55 cents per share, for the company’s fiscal fourth quarter, compared with a profit of $3.2 million, or 38 cents per share, in the same period last year.
For the entire fiscal year Barnwell said it lost $24.4 million, or $2.96 per share. That compared with a profit of $3.2 million, or 38 cents per share for the previous fiscal year.