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Berkshire Hathaway Profit Falls 64 Pct



03 May 2008 @ 01:12 am EST

Berkshire Hathaway Inc said its first quarter profit fell 64 percent driven primarily from a steep decline in its insurance-underwriting businesses.

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BRK.A 113550 -350
BRK.B 3780 -25

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Net income fell was $940 million, or $607 a share, compared with $2.6 billion, or $1,682, a year earlier.

Operating profit was down 13 percent to $1.93 billion, or $1,247 per share, compared with $2.21 billion, or $1,434.

The operating results missed analysts' expectations of 1,476.99 per share, according to Thomson Financial.

Revenue fell 21 percent to $22.3 billion.

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