Renovations under way at the Heyward House0:41
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Berkshire Hathaway, the investing conglomerate headed by folksy billionaire Warren Buffett, on Friday revealed an ugly first-quarter profit drop of 27 percent, fueled by a loss from insurance underwriting. A day earlier, Buffett had already pricked up ears by announcing on CNBC that Berkshire had cut its IBM stake by nearly a third. To be sure, few are expecting Buffett to lose his avuncular cool or fail to deliver penetrating insights. Indeed, many wished Buffett had changed his mind about Berkshire's $27.6 billion stake in Wells Fargo, which makes him the bank's biggest shareholder. In a painful admission, Buffett said he no longer valued IBM "the same way I did six years ago when I started buying.
DUBAI Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, posted a 41.9 percent rise in first-quarter net profit on Sunday, beating analysts' forecasts as sales volumes rose and aluminum and gold prices climbed. The average estimate of three analysts polled by Reuters was for a quarterly net profit of 167.9 million riyals. The company said the profit rise was also due to the group's ongoing cost reductions, which led to a 36 percent drop in selling, marketing and logistic expenses, and the share profit from the jointly controlled entity, Ma'aden Barrick Copper Company. The company made a net profit of 275.6 million riyals ($73.5 million) in the three months to March 31, it said in a bourse statement. Ma'aden, which operates in gold, aluminum and phosphates, is a key pillar in Saudi Arabia's plan to diversify its economy away from hydrocarbons.
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Warren Buffett in unusual position after 27 percent profit drop
Berkshire Hathaway, the investing conglomerate headed by folksy billionaire Warren Buffett, on Friday revealed an ugly first-quarter profit drop of 27 percent, fueled by a loss from insurance underwriting. A day earlier, Buffett had already pricked up ears by announcing on CNBC that Berkshire had cut its IBM stake by nearly a third. To be sure, few are expecting Buffett to lose his avuncular cool or fail to deliver penetrating insights. Indeed, many wished Buffett had changed his mind about Berkshire's $27.6 billion stake in Wells Fargo, which makes him the bank's biggest shareholder. In a painful admission, Buffett said he no longer valued IBM "the same way I did six years ago when I started buying.
Saudi's Ma'aden posts 41.9 percent profit rise
DUBAI Saudi Arabian Mining Co (Ma'aden), the Gulf's largest miner, posted a 41.9 percent rise in first-quarter net profit on Sunday, beating analysts' forecasts as sales volumes rose and aluminum and gold prices climbed. The average estimate of three analysts polled by Reuters was for a quarterly net profit of 167.9 million riyals. The company said the profit rise was also due to the group's ongoing cost reductions, which led to a 36 percent drop in selling, marketing and logistic expenses, and the share profit from the jointly controlled entity, Ma'aden Barrick Copper Company. The company made a net profit of 275.6 million riyals ($73.5 million) in the three months to March 31, it said in a bourse statement. Ma'aden, which operates in gold, aluminum and phosphates, is a key pillar in Saudi Arabia's plan to diversify its economy away from hydrocarbons.
read more visit us profit
collected by :Jack Luxor
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