|
|
Article: Berkshire reports 77 percent drop in 3Q earnings
- Article from:
- AP Worldstream
- Article date:
- November 8, 2008
- Author:
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
Warren Buffett's Berkshire Hathaway Inc. on Friday reported a 77 percent drop in third-quarter earnings, hurt by declining insurance profits and a $1.01 billion investment loss.
Net income fell to $1.06 billion, or $682 per Class A share, in the quarter ending Sept. 30. That's down sharply from year-ago profit of $4.55 billion, or $2,942 per share, which included a $2 billion gain aided by the sale of PetroChina stock.
Berkshire generated $27.9 billion in revenue during the quarter, down from $29.9 billion a year ago.
Operating profit in Berkshire's insurance underwriting business, which includes Geico and General Reinsurance, plunged to $81 million from $486 million a ...