Business Digest

EARNINGS

Berkshire Posts First Loss Since 2001

Warren E. Buffett's Berkshire Hathaway said it lost $1.53 billion in the first quarter, compared with a $940 million profit in the corresponding period a year earlier, as unrealized derivative losses and a write-down of its ConocoPhillips investment weighed on results. It was Berkshire's first quarterly loss since the third quarter of 2001, when the company suffered large insurance losses as a result of the Sept. 11 terrorist attacks.

Revenue fell 9.5 percent in the quarter, to $22.8 billion. Berkshire owns more than 60 subsidiaries including insurance, clothing, furniture and candy companies.

-- Associated Press

Six Flags Reports Narrower Loss

Six Flags said its losses narrowed slightly in its seasonally weak first quarter. The theme park operator's revenue was hurt by a later Easter holiday, a weaker Mexican peso and reduced international fees. The company, chaired by Washington Redskins owner Daniel Snyder, lost $140.8 million, compared with a loss of $152.2 million in the first quarter last year. Revenue fell 24 percent, to $51.9 million.

Six Flags, which was delisted from the New York Stock Exchange in April, is working to complete a stock-for-debt exchange as part of a restructuring plan to help the company avoid a bankruptcy filing.

-- Associated Press

Sliding Sales Steer Toyota to Big Loss

Toyota said it lost $7.7 billion in January-March quarter, bigger than the $5.98 billion loss reported by American rival General Motors for the same period. That brings Toyota's fiscal year loss to a larger-than-expected $4.4 billion, a dramatic reversal from the $16.5 billion profit it earned the previous year. With demand contracting sharply, Toyota is projecting that its losses for the fiscal year through March 2010 will grow to $5.55 billion.

Toyota's vehicle sales for the fiscal year ended March 31 fell 15.1 percent to 7.57 million vehicles from 8.91 million vehicles the previous year.

-- Associated Press

TELECOM

AT&T Buys Rural Assets From Verizon

AT&T said it will buy the assets of Verizon Wireless in 79 mainly rural areas for $2.35 billion, a deal that will affect more than 1 million subscribers. Verizon Wireless was forced to sell the service areas, spread over 18 states, to satisfy regulatory conditions of its purchase of Alltel. AT&T also said it had agreed to sell five Centennial Communications service areas in Louisiana and Mississippi to Verizon Wireless for $240 million.

-- Associated Press