Business Daily from THE HINDU group of publications
Sunday, August 9, 2009
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Business Daily from THE HINDU group of publications Sunday, August 9, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Update at 1630 hrs (IST)
Global News / Markets Berkshire Hathaway back in black; posts $3.29 bn Q2 profit NEW YORK: Billionaire investor Mr Warren Buffett's flagship company Berkshire Hathaway has raked in second quarter profits to the tune of $3.29 billion, riding on improved stock markets and credit derivative gains. The group had plunged into a loss of $1.53 billion in the first three months of 2009, amid the raging financial turmoil. Buffett's entity has reported profits of $3.29 billion for the second quarter, an increase of 14 per cent compared to the correspondi ng period a year ago. In the comparable period, the entity had profits worth $2.88 billion, the firm said in a statement on Friday. Berkshire Hathaway's investment income from the insurance segment shot up 31 per cent to $ 1.16 billion in the second quarter. “Investment and derivative gains were $1.5 billion in the second quarter of 2009, while in the first six months there were losses of $1.7 billion,” the statement said. Berkshire Hathaway has investments in many companies worldwide, including Goldman Sach s, General Electric, American Express and Swiss Re, among others. In the second quarter, premiums earned by the company stood at $308 million, a growth of ten per cent against the same period a year ago. - PTI
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