Berkshire Hathaway Posts $679-Million Loss
Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. reported a third-quarter net loss of $679 million, or $445 a share, reflecting $2.28 billion in claims from the attacks that destroyed the World Trade Center.
The Omaha, Neb.-based company, which owns General Re Corp., car insurer Geico Corp. and a range of other companies and investments, had posted net income of $797 million, or $523, in the year-earlier period. The company’s losses from the attack were revised up from an original estimate of $2.2 billion.
Berkshire’s loss excluding realized gains and losses was $895 million, or $586 a share, compared with profit of $301 million, or $197, a year ago.
Shares of Berkshire fell $1,300 to $69,600 on the NYSE.
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