OMAHA, Neb. May 5 Berkshire Hathaway Inc
, the conglomerate run by billionaire investor Warren
Buffett, on Friday said first-quarter profit fell 27 percent,
reflecting a big decline in investment gains.
Net income fell to $4.06 billion, or $2,469 per Class A
share, from $5.59 billion, or $3,401, a year earlier.
Operating profit, which excludes investment and derivative
gains and losses, fell 5 percent to $3.56 billion, or $2,163 per
Class A share, from $3.74 billion, or $2,274.
Buffett believes Berkshire's investment and derivative gains
in any given quarter are often meaningless, but accounting rules
require Berkshire to report them in its earnings statements.
(Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by