Falling stocks, Kraft Heinz trigger huge Berkshire loss

By REUTERS
February 23, 2019 15:28
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Breaking news. (photo credit: JPOST STAFF)

 
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Feb 23 - Sinking stocks and deteriorating prospects from an investment in Kraft Heinz Co pummeled the bottom line of Warren Buffett's Berkshire Hathaway Inc , which on Saturday reported a large quarterly net loss even though operating profit rose.

The fourth-quarter net loss was $25.39 billion, or $15,467 per Class A share, reflecting more than $27.6 billion of investment losses, including from stocks Berkshire still owns.



Results included a $3.02 billion writedown for intangible assets that Buffett said was "almost entirely" attributable to Kraft Heinz, which on Thursday reported its own $15.4 billion writedown for Kraft, Oscar Mayer and other assets.



Berkshire's operating profit, meanwhile, rose to $5.72 billion from $3.34 billion.

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