Lower oil prices hurt petroleum producer Barnwell Industries Inc. in the last three months of 2014, though the Honolulu-based company lost less money during the period due to improved real estate sales.

Barnwell reported a $467,000 net loss for the three months ended Dec. 31, which was an improvement from a $989,000 net loss in the same quarter a year earlier.

The company, which owns residential real estate on Hawaii island, said about $2.5 million in property sales during the recent quarter improved its financial results along with contract drilling work.

Oil and natural gas production by Barnwell in Canada declined 54 percent and 21 percent, respectively. Those drops, along with lower petroleum prices, offset some of the gains from real estate and drilling, the company said.

Total revenue for the three months representing the first quarter in Barnwell’s fiscal year was $6 million compared with $7.2 million a year ago.