Historic loss for Buffet's Berkshire Hathaway

09-05-2009

Historic loss for Buffet's Berkshire Hathaway
Legendary investor Warren Buffett's Berkshire Hathaway has reported a $1.53 billion (£1.01 billion) loss for the first quarter of 2009.

The company, led by the world's second richest man, has not recorded a loss for a quarter since 2001 when the September 11th attacks threw markets into turmoil.

Investment losses for the year's first three months came to $3.24 billion (£2.14 billion) as the sage of Omaha's insurance business and his holdings in oil company ConoccoPhillips performed poorly.

Berkshire's revenue for the opening three months of 2009 also fell by 9.5 percent to $22.8 billion (£15.1 billion) in comparison to earnings of $25.2 billion (£16.7 billion) in the corresponding period of 2008.

At the company's annual general meeting last week, Warren Buffett had admitted that he had make a mistake in buying shares in ConoccoPhillips as oil prices peaked.

Berkshire Hathaway has sold 13.7 million of its 79.9 million shares in the oil firm during the quarter realising a $1.9 billion (£1.25 billion) loss on its shareholding in the company.

Assets held by the firm have fallen in value by ten per cent over the course of the year. Previously, credit rating agency Moody's downgraded the firm's credit rating from its top AAA rating over concerns about the performance of its insurance business.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure