Barnwell Industries Inc., the Honolulu-based real estate and oil company, said net income almost tripled in the three months ended Dec. 31 as it recorded tax benefits and enjoyed higher oil and natural gas sales, along with lower compensation costs.

The company reported net income rose to $3.12 million, or 39 cents a share in the quarter. A year earlier it had profit of $13.3 million, or 13 cents.

Barnwell said revenue increased to $15.7 million from $13.3 million in the corresponding quarter in 2006.

Helping its bottom line were $909,000 of deferred tax benefits and a $1.72 million increase in oil and natural gas sales as prices for the commodities rose. The company also reported a $1.27 million decline in incentive compensation expense related to a decline in stock appreciation rights expense.

Barnwell also said its board of directors had declared a cash dividend of 5 cents a share that is payable March 17 to stockholders of record on March 3.