Rising stocks fuel huge profit for Buffett's Berkshire

TheStar Sat, Feb 22, 2020 10:46pm - 4 years View Original


Warren Buffett's Berkshire Hathaway Inc on Saturday posted a 23% decrease in quarterly operating profit, while soaring stock prices boosted net results and enabled the conglomerate to smash its old record for full-year earnings.

NEW YORK: Warren Buffett's Berkshire Hathaway Inc on Saturday posted a 23% decrease in quarterly operating profit, while soaring stock prices boosted net results and enabled the conglomerate to smash its old record for full-year earnings.

Fourth-quarter operating profit totaled $4.42 billion, or approximately $2,720 per Class A share, down from $5.72 billion, or about $3,484 per share, a year earlier, hurt by a loss from insurance underwriting.

Berkshire also posted quarterly net income of $29.16 billion, compared with a net loss of $25.39 billion a year earlier, reflecting huge unrealized gains in its common stock holdings.

...

Full Article on TheStar

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Comments

Login to comment.