BUSINESS BRIEFS
Barnwell reports earnings plunge
Advertiser Staff and News Services
Honolulu-based Barnwell Industries Inc. said earnings for the final three months of 2006 dropped sharply compared with the same period a year earlier, largely because of lower prices for petroleum products and higher operating and depletion costs.
Barnwell earned $1.1 million in the latest quarter, or 13 cents per share, down from $6.3 million, or 73 cents a share, during the same period in 2005.
Additionally, earnings for the 2005 period included deferred tax benefits of $2,170,000 and a $700,000 gain from the sale of a drill rig that were not repeated in the 2006 quarter.
Natural gas and oil revenues decreased $3,730,000, or 31 percent for the most recent quarter, compared with the prior year's comparable period because of lower prices. The company noted, however, that after Dec. 31, market prices have increased.
OUTRIGGER CONDO PROPERTY TO OPEN
The Outrigger Regency on Beachwalk will open Friday in Waikiki, becoming the latest addition to the Outrigger Condominium Collection, Outrigger Enterprises Group announced today.
The boutique/condo-style property, adjacent to Outrigger's Waikiki Beach Walk project, has 48 one- and two-bedroom units and includes a sundry shop and three restaurants.
The property was developed by Anekona, a company headed by Big Island developer Brian Anderson.
Rates start at $205 for a one-bedroom condominium and $285 for two-bedroom units.
RESORTQUEST REVENUE OFF 1.1%
ResortQuest, which operates more than two dozen hotels and condominium resorts in Hawai'i as well as vacation rentals across the country, saw fourth-quarter revenue fall 1.1 percent year-over-year to $40.2 million, parent company Gaylord Entertainment Co. reported yesterday.
ResortQuest revenue for the full year 2006 grew 1.6 percent to $225.7 million compared with 2005.
Fourth-quarter revenue per available room — a key measure of profitability — grew 6.1 percent to $56.98, driven solely by an increase in rates.
