OMAHA, Nebraska: Berkshire Hathaway's first-quarter profits plummeted along with the paper value of its investments, but the company said Saturday (Sunday in Manila) that most of the businesses it owns outright performed well.

The company reported a $12.7-billion profit, or $8.825 per Class A share, in the quarter. That's roughly one-third of last year's $35.5 billion, or $24,377 per A share.

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