Barnwell Industries Inc. narrowed its loss in its fiscal third quarter due to an increase in land investment profits from its Hawaii island partnership.
The Honolulu-based company reported Friday that it lost $374,000, or 5 cents a share, in the quarter ended June 30 from a loss of $512,000, or 6 cents a share, in the year-earlier period. Revenue more than doubled to $3.2 million from $1.3 million.
Barnwell, which has oil and natural gas operations in Canada, real estate holdings on the Big Island and a water-drilling business in Hawaii, said the smaller loss last quarter was due to a $1.31 million increase in land investment operating profits from Kaupulehu Developments. Kaupulehu is Barnwell’s 77 percent-owned real estate partnership.
The company said partially offsetting the Kaupulehu gain was a $224,000 decrease in oil and natural gas operating results and a $165,000 reduction in value of vacant land on the Big Island that has been inundated by lava from the Kilauea Volcano eruption.
In addition, Barnwell said that last month its subsidiaries agreed to buy oil and natural gas properties in the Twining area of Alberta for about $10.5 million.
“This transaction reflects the strategic purchase by the company of what will be its largest oil property, increasing the company’s oil and gas revenues, cash flows and reserves,” Barnwell CEO Alex Kinzler said in a statement.
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ON THE MOVE
Four doctors have joined Kaiser Permanente’s team of more than 600 health care providers in the largest medical practice, the Hawaii Permanente Medical Group, which serves more than 255,000 members in Kaiser Permanente Hawaii. The doctors:
>> Dr. Eric Putz is a new cardiologist at the Moanalua Medical Center.
>> Dr. Anny Ching has joined the family medicine department at Kaiser Permanente Honolulu Medical Office.
>> Dr. Wei-Li Hsu, D.O., practices psychiatry at Kaiser Permanente Behavioral Health Services, at Ala Moana Center.
>> Dr. Kim-Lien Nguyen, O.D., has joined the optometry department at Kaiser Permanente Honolulu Medical Office.
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