Despite the world deepest recession on the 1st of its century history, Global economic downturn affect mostly all nation around the globe. Giant Industrial nation such as USA, Japan, Germany, sees gloomy ahead due to 2008 starting of US Mortgage, Credit issue and poor auto industries performance has dragged down the entire Earth economies to its slowest growth record since the World War 2 has draw concern around the globe drawing massive threats and it does also affect the richest such as Billionaire Mr. Warren Buffet which suffer the biggest hit for a single entity,the luxurious investor through Berkshire Hathaway shares.
Berkshire's net worth fell to $109.27 billion at year end from $120.16 billion at the end of September, and $120.73 billion at the end of 2007.
For all of 2008, profit at Berkshire fell 62 percent to $4.99 billion, or $3,224 per share, from $13.21 billion, or $8,548. Earnings were the lowest since 2002. Revenue fell 9 percent to $107.8 billion.
Annual net income fell to $4.99 billion in 2008 from $13.21 billion the previous year amid poor results from the firm's insurance holdings and big declines in stock holdings such as Coca-Cola Co. and American Express Co. Berkshire also owns See's Candy, Fruit of the Loom and Benjamin Moore paint, but its insurance businesses generate the bulk of the parent company's results.
Berkshire Class A shares closed Friday at $78,600 on the New York Stock Exchange. They have fallen 44 percent since the end of February 2008, while the Standard & Poor's 500 has dropped 45 percent
No comments:
Post a Comment