The economic slowdown, combined with losses on derivative contracts and a huge investment in the oil company ConocoPhillips, resulted in a $1.5 billion first quarter loss for Warren Buffett's Omaha, Nebraska-based Berkshire Hathaway Inc.

Marking the first quarterly loss since 2001 for US billionaire investor's insurance and investment company, the figures were a complete contrast to the year-before profit of $940 million.

Not including the investments, the company's operating profit dropped 12 percent to $1.71 billion from last year same quarter's $1.93 billion. However, the profit figures were in line with the estimated $1.7 billion that Buffett mentioned at last Saturday's annual meeting of Berkshire.

Buffett said that most of the nearly 80 businesses owned by Berkshire have suffered blows from the recession-hit economy, as well as a notable fall in consumer spending. Not a surprise then that two credit rating agencies - including Moody's Investors Service, in whose parent company, Moody's Corp, Berkshire owns a 20.4 percent stake - took away Berkshire's "triple-A" ratings in 2009!

Despite the downturn showing signs of receding, Buffett does not expect the overall economy to recover quickly, and as such the company's performance may take time to improve. He said at the meeting: "I guess I would almost be surprised if the opposite happened, if the world changed much over the remainder of the year."