Honolulu-based Barnwell Industries Inc. swung to an almost $17 million loss during the fiscal second quarter as it recorded a reduced carrying value of its oil and natural gas properties and had lower revenues because of falling energy prices.

The company, which has natural gas and oil exploration in Canada and real estate investment and development in Hawaiçi, said its results in the quarter ended March 31 represented a net loss of $2.06 a share.
That compared with a net profit of $1.69 million, or 20 cents a share, in the quarter a year earlier.
During the quarter Barnwell, following Securities and Exchange Commission rules for ceiling tests for oil and natural gas companies, reduced the non-cash carrying value of its properties by $15.6 million net of income taxes. The company said the reduction of carrying value has no effect on its oil and natural gas reserve volumes or production rates.
The company also reported it is preparing to list for sale the first of its residential homes at Kaupulehu on the Big Island, with the second home scheduled for completion this summer.
It also reported revenues of $7.17 million for the quarter. A year earlier it had revenue of $14.3 million.