NEW YORK, May 2 — Warren Buffett’s Berkshire Hathaway Inc posted a higher operating profit on Saturday, but the coronavirus pandemic pummelled its common stock investments and led to a record net loss.
Berkshire’s first-quarter net loss totalled US$49.75 billion (RM214 billion), or US$30,653 per Class A share, reflecting US$54.52 billion of losses from investments, mainly common stocks. A year earlier, net earnings totalled US$21.66 billion, or US$13,209 per share.
Quarterly operating profit, which Buffett considers a better performance measure, rose 6 per cent to USUS $5.56 billion.
An accounting rule requires Berkshire to report unrealized stock losses and gains with earnings. This causes huge swings in Berkshire’s net results that Buffett considers meaningless. — Reuters
