Barnwell Industries, Inc. (BRN) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $1.64 million, or $ 0.20 a share in the quarter, against a net loss of $1.41 million, or $0.17 a share in the last year period.

Revenue during the quarter surged 128.92 percent to $4.29 million from $1.87 million in the previous year period.

Mr. Alexander C. Kinzler, chief executive officer of Barnwell, commented, "The Company's results improved dramatically, to net earnings of $1,641,000 for our first quarter of fiscal 2017 as compared to a net loss of $1,409,000 for fiscal 2016's first quarter, primarily due to the success of our 2013 investment in the Kukio Resort land development partnerships. During the three months ended December 31, 2016, the Company received a percentage of sales payment of $1,678,000 and $497,000 in distributions while in the year earlier quarter ended December 31, 2015 the Company received a percentage of sales payment of $150,000 and no distributions. The success of the Kukio Resort land development partnerships also resulted in a $2,163,000 increase in equity in income from affiliates as compared to the same quarter last year, and a further cash distribution in January 2017 of $2,066,000."