Berkshire Hathaway's Second-Quarter Profit Slips

OMAHA, Neb., Aug 08, 2008 (A. M. Best via COMTEX) -- BRK/A | Quote | Chart | News | PowerRating -- Berkshire Hathaway Inc. (NYSE:BRK-A) reported second-quarter earnings of $2.9 billion, a 6.5% decrease from the same period a year ago. Revenues for the quarter were $30.1 billion, a 9.9% increase over the year-ago period.

The company said it recorded a $1.01 billion loss in its two major derivatives categories, following a $1.67 billion loss in those categories in the first quarter.

Insurance underwriting earnings fell steeply year-to-year, to $360 million from $632 million. Insurance investment income rose slightly, to $884 million from $862 million in the year-ago period.

Non-insurance business earnings also rose slightly, to $1.09 billion from $1.05 billion in the same period a year ago.

Berkshire Hathaway?s first-quarter profit was down 63.8% from the previous year (BestWire, May 5, 2008).

Berkshire Hathaway Inc. is headquartered in Omaha, Neb.

(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)

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