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Berkshire Hathaway's 1Q Profit Down 58%
LOS ANGELES (AP) -- Warren Buffett's Berkshire Hathaway Inc. says its first-quarter profit tumbled 58 percent from a year ago due to insurance losses from major disasters in Japan, Australia and the U.S.

Berkshire reported net income of $1.5 billion, or $917 per Class A share, for the three months ended March 31. That's down from net income of $3.6 billion, or $2,272 per Class A share, a year ago.

Revenue rose to $33.7 billion, up from $32 billion last year.

The Omaha, Neb.-based company recorded about $1.7 billion in insurance losses related to the natural disasters and a paper loss of $82 million on its derivative contracts and investments.

Berkshire's results were buoyed by a strong performance from Burlington Northern Santa Fe railroad, which the company acquired a year ago.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
05 06 11 by Newsroom
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