New York (AFP) May 6, 2011
US investment king Warren Buffett's Berkshire Hathaway reported a sharp plunge in first-quarter earnings Friday, hit heavily by insurance losses on Japan's earthquake-tsunami disaster.
Net earnings fell 56 percent to $1.51 billion from $3.63 billion a year earlier for the diversified investment house, long a favorite with small investors.
Earnings per the company's "A" shares -- which closed at $120,280.00 a share on Friday before the report was released -- was $917, compared to $2,272 a year earlier, the company said.
For the more commonly traded "B" shares, the per-share figure calculated to 61 cents.
At the company's annual shareholders' meeting in Omaha, Nebraska last week Buffet said that floods in Australia, an earthquake in New Zealand and Japan's massive earthquake-tsunami disaster, hit the company's re-insurance arm, which was expected to take a loss from underwriting for the first time in nine years.
But he also reported that Berkshire's companies, which span the clothing and insurance sectors -- and much more in between -- were starting to feel more optimistic about the US economic recovery.
Share This Article With Planet Earth
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes
Leveraging C4ISR Expertise to Help US Navy Improve Humanitarian and Disaster Relief Effectiveness
Honolulu HI (SPX) May 05, 2011
Lockheed Martin has been selected to help the U.S. Navy develop technologies that will accelerate the ability of military, government, and civilian agencies to respond more effectively to natural and man-made disasters. The Naval Air Systems Command, Naval Air Warfare Center Weapons Division awarded Lockheed Martin a contract to support U.S. Marine Corps, Pacific, in developing humanitaria ... read more
Japan insurance losses slash Berkshire profits|
Practice Can Make Search-and-Rescue Robot Operators More Accurate
China to uproot 240,000 from disaster-prone areas
Clearing Japan tsunami homes, one shovel at a time
Android smartphones widen lead in US market
Four injured in iPad fight at Beijing Apple store
Fusion of work and play shapes Lenovo laptops
Long queues for iPad 2 in China
China-funded dam opens in Republic of Congo
Saudis reject Mecca holy water scare
Portable tech might provide drinking water and power to villages
Oceans could rise 1.6 metres by 2100: study
Arctic warming could raise oceans 5 feet
Nuclear leak forces Russian icebreaker back to port
Record Arctic warming to boost sea level rise
Calling all candidates for Concordia
Researchers propose whole-system redesign of US agriculture
It Takes a Community of Soil Microbes to Protect Plants From Disease
Expert panel calls for transforming US agriculture
New study reveals when livestock can transmit foot-and-mouth disease
Floods swamp tornado-ravaged central US
Bolivia at risk of megaquake: study
Taiwan issues warning against storm Aere
Japan's ancient tsunami warnings carved in stone
Burkina Faso ruling party says opposition aiming for coup
Chinese army gives rocket launchers, weapons to Sierra Leone
Disaster-hit Japan will not cut aid to Africa: spokesman
Diehard pro-Gbagbo militia begin to disarm
Super-healing researcher follows intuition
No nuts for 'Nutcracker Man'
Why the eye is better than a camera at capturing contrast and faint detail simultaneously
Nutcracker Man Had Fundamentally Different Diet
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|