New York (PTI): Billionaire investor 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.
Mr. Buffett’s entity has reported profits of USD 3.29 billion for the second quarter, an increase of 14 per cent compared to the corresponding 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 Sachs, 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.
“It is expected that the current economic conditions will persist at least through 2009 before meaningful improvements become evident.
“Berkshire’s operating companies have taken and will continue to take cost reduction actions to manage through the current economic situation,” the statement noted.
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