Barnwell Industries, Inc.​ (BRN) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $1.37 million, or $ 0.17 a share in the quarter, against a net profit of $2.78 million, or $0.34 a share in the last year period.

Revenue during the quarter plunged 44.90 percent to $1.70 million from $3.08 million in the previous year period.

Mr. Morton H. Kinzler, chairman and chief executive officer of Barnwell, commented, "The Company had net losses for the year and quarter ended September 30, 2016 as compared to net earnings for the year and quarter ended September 30, 2015 due principally to a $6,217,000 gain, before taxes, on the sale of the Company's principal oil and natural gas properties located in the Dunvegan and Belloy areas of Alberta, Canada in the fourth quarter of last year while there was no such gain in the fourth quarter of the current year. Additionally, operating results in our land investment, contract drilling and oil and natural gas segments all declined in the current year as compared to the prior year due to fewer lot sales, decreased water well drilling activity and decreased oil and natural gas prices, respectively."