Berkshire Hathaway reports $1.5bn Q1 impairment

Berkshire Hathaway, the investment fast owned by US billionaire Warren Buffett, this week reported its at the outset loss since 2001.

The company posted a first quarter loss of $1.53 billion (£1 billion), compared to profit of $940 million in the year ago epoch.

Revenues dropped 9.5% on year to $22.8 billion.

In Spite Of That, of its four key insurance businesses, only General Re posted a demise.

GEICO, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group all posted a profit, although all three reported a lessen visit in premium income compared to the first quarter of 2008.

Berkshire Hathaway blamed its inclusive loss on a badly timed purchase of oil stocks; it had to compose down $1.9 billion of its stake in oil firm ConocoPhillips that it bought in the presence of oil prices plummeted at the end of 2008.

Investments in derivatives made a maiden quarter loss of $986 million.

Buffett admitted that his firm’s purchase of the ConocoPhillips shares was ‘horrible timing’.