Warren Buffett's Berkshire Hathaway Inc reported a drop in net earnings for the second quarter of the year, hit by investment losses.
Net earnings were $1.3bn for the second quarter of the year, compared with the $2.2bn reported for the second quarter of 2003.
Berkshire Hathaway reported investment losses of $172m for the quarter, compared with investment gains of $905m for the same period in the previous year.
The company said all of its insurance operations were performing very well, with its underwriting results boosted by the lack of major catastrophes during the first half of either 2003 or 2004.
It reported net earnings of $422m from its insurance underwriting activities during the second quarter of 2004, up 60% on the $263m recorded for the same period in 2003.
Insurance investment income fell slightly during the quarter, said the company, down from $571m in 2003 to $479m for the second quarter of 2004.
