Buffett’s Berkshire rises again
Warren Buffett’s investment firm returned to profit in the second quarter after posting a $1.5 billion loss in the first three months of this year.
Berkshire Hathaway benefited from a rising stock market, which boosted its investment portfolio.
Second quarter net income rose 14% on year to $3.3 billion, or $2,123 per Class A share.
This is compared to $2.88 billion, or $1,859 per share, a year earlier.
The result is the best quarter for the Nebraska-based firm in nearly two years.
However, the group’s reinsurance arm, Berkshire Hathaway Re, posted a loss of $291 million for the second quarter, compared to profit of $79 million for the same period last year.
The firm’s first quarter loss, its first since 2001, was largely due to a poorly-timed purchase of oil stocks.
Category: Companies News, Financials, Insurance News
Visited 1954 times, 2 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.