Berkshire Profit Falls 96% as Buffett Writes Down Derivatives

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Feb. 28 (Bloomberg) -- Warren Buffett's Berkshire Hathaway Inc. posted a fifth-straight profit drop, the longest streak of quarterly declines in at least 17 years, on the falling value of holdings including derivative bets. Fourth-quarter net income fell 96 percent to $117 million, or about $76 a share, from $2.95 billion, or $1,904 a share, in the same period a year earlier. The figures were derived by subtracting results for the first nine months from full-year numbers posted today on the Web site of the Omaha, Nebraska- based company.