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Omaha Steve

(99,061 posts)
Fri Aug 3, 2012, 11:20 PM Aug 2012

Berkshire (Warren Buffett) reports net income down 9 percent

Source: Omaha World Herald

By Steve Jordon

Changes in the estimated value of some of Berkshire Hathaway Inc.'s investments pushed its second-quarter net income down, but the Omaha company benefited from a lack of natural disasters and gains by its operating businesses.

Berkshire said Friday that it had net income of $3.11 billion, or $1,882 per share, in the second quarter of this year, down 9 percent from $3.42 billion, or $2,072 per share, in the same period last year. Analysts had expected net income of $1,785 per share.

Revenue for the three-month period that ended June 30 was $38.55 billion, up slightly from $38.27 billion in the second quarter of 2011.

The decline in net income came from a $1.07 billion paper loss in the value of Berkshire's derivative investments, a series of insurance-like transactions started several years ago by Warren Buffett, chairman and CEO.

FULL story at link.


Read more: http://www.omaha.com/article/20120803/MONEY/708049938/1707#berkshire-reports-net-income-down-9-percent

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