Berkshire profit sinks 64 pct on derivatives loss

OMAHA: Warren Buffett's Berkshire Hathaway Inc said on Friday that first- quarter profit tumbled 64 percent, hurt by $1.6 billion of pre- tax losses tied to derivatives contracts. Net income fell to $940 million, or $607 per Class A share, from $2.6 billion, or $1,682, a year earlier. Operating profit fell 13 percent to $1.93 billion, or $1,247 per share, from $2.21 billion, or $1,434.