Berkshire profit falls on lower gains, underwriting loss
[NEW YORK] Warren Buffett's Berkshire Hathaway Inc on Friday said second-quarter profit fell 15 per cent, reflecting lower investment gains and a loss from insurance underwriting.
Net income for the Omaha, Nebraska-based conglomerate fell to US$4.26 billion, or US$2,592 per Class A share, from US$5 billion, or US$3,042 per share.
Operating profit declined 11 per cent to US$4.12 billion, or US$2,505 per Class A share, from US$4.61 billion, or US$2,803 per share.
Analysts on average expected operating profit of about US$2,791 per share, according to Thomson Reuters.
Mr Buffett believes operating income is a better gauge of how Berkshire and its more than 90 businesses are doing than net income, which fluctuates more because it incorporates investment gains and losses.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
UBS weighs synthetic risk transfer amid capital boost proposals
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge