NEW YORK: Warren Buffett's Berkshire Hathaway on Saturday reported a lower operating profit in the first quarter, hurt by weaker results from its insurance operations, while its cash pile continued to grow.
Operating profit for the Omaha, Nebraska-based conglomerate dropped 14.1% to $9.64 billion from $11.22 billion a year earlier.
Net income, including unrealized gains and losses from Berkshire's common stock investments, was down roughly 64% to $4.6 billion, or $3,200 per Class A share, from $12.7 billion a year earlier.
Berkshire's cash stake set a new record, rising to $347.7 billion as of March 31 from $334.2 billion at year-end.
Berkshire was a net seller of stocks for a 10th straight quarter, as it bought $3.18 billion and sold $4.68 billion.
Operating profit for the Omaha, Nebraska-based conglomerate dropped 14.1% to $9.64 billion from $11.22 billion a year earlier.
Net income, including unrealized gains and losses from Berkshire's common stock investments, was down roughly 64% to $4.6 billion, or $3,200 per Class A share, from $12.7 billion a year earlier.
Berkshire's cash stake set a new record, rising to $347.7 billion as of March 31 from $334.2 billion at year-end.
Berkshire was a net seller of stocks for a 10th straight quarter, as it bought $3.18 billion and sold $4.68 billion.
You may also like
Nicola Peltz shares cryptic post on family as she pays tribute to her 'soulmates'
FM Sitharaman to attend ADB meeting in Milan, hold bilateral meetings
Man Utd 'contact starts for £72m signing' in transfer U-turn after agreement struck
Jimmy White makes decision on retiring from snooker after TNT World Championship gig
England icon Kevin Pietersen shares true feelings on Harry Brook snubbing IPL mega deal
