The profits of Berkshire Hathaway Inc. for the first quarter fell as financial market turbulence weighed heavily on its giant equity portfolio and rising claims costs affected its insurance business.
Warren Buffett’s company reported a net profit of $ 5.46 billion, or $ 3,702 per Class A share. That’s less than $ 11.71 billion, or $ 7,638 a share, a year earlier. Operating profits, which exclude some investment results, rose to $ 7.04 billion from $ 7.02 billion last year.
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