Berkshire Hathaway Chairman Warren Buffett is surrounded by the press as he wanders the company fair prior to annual meeting of their company in Omaha, Nebraska on April 30, 2011.
Credit: Reuters/Rick WilkingOMAHA, Nebraska | SAT on April 30, 2011, 11: 06 am EDT
OMAHA, Nebraska (Reuters) - Berkshire Hathaway Inc. (BRKa.N) (BRKb.N) will report a first quarter profit significantly smaller, as one of the worst neighborhoods for global catastrophes that weighed on insurance of the company business, Director Ejecutivo Warren Buffett said Saturday.
Profits are expected to be about 1.5 million dollars, down from 3.63 million dollars a year earlier, Buffett said at the annual meeting of Berkshire in Omaha, Nebraska. Previous year profits have risen to $2,272 per class A share.
Buffett also provides that for the first time in nine years, Berkshire would probably have an annual subscription of insurance loss. Insurance covers about half of the operations of Berkshire.
Buffett said that the company lost 821 million dollars of safe bonds in the first quarter and had a 1.67 million dollars of loss before taxes of disasters.
He said that the quarter was the second worse for global disasters insurance industry, which included earthquakes in Japan and New Zealand.
(Reports by Ben berkowitz;) Additional reporting and written by Jonathan Stempel in New York)
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