Berkshire operating results improve; accounting change causes net loss

[May 05, 2018]  OMAHA, Neb. (Reuters) - Berkshire Hathaway Inc <BRKa.N> on Saturday ended its more than year-long stretch of falling operating profit, while a new accounting rule caused the conglomerate chaired by Warren Buffett to suffer an overall net loss.

Shareholders walk through the exhibit hall at the Berkshire Hathaway Inc annual meeting, the largest in corporate America, in its hometown of Omaha, Nebraska, U.S., May 4, 2018. REUTERS/Rick Wilking

The results were released on the same day Berkshire was holding its annual meeting in Omaha, Nebraska, where Buffett, 87, and Vice Chairman Charlie Munger, 94, will answer five hours of questions from shareholders, journalists and analysts.

Operating profit, which excludes investment and derivative gains and losses, rose 49 percent to $5.29 billion from $3.56 billion a year earlier.

The net loss was $1.14 billion, or $692 per share, compared with reported net income of $4.06 billion, or $2,469 per Class A share, a year earlier.

(Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Toby Chopra)

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