Berkshire Hathaway, the conglomerate run by billionaire Warren Buffett, on Saturday reported a 67 per cent increase in quarterly operating profit, as insurance underwriting rebounded and several businesses benefited from a growing economy and improving demand.
Results topped analyst forecasts, as underwriting profit at the Geico auto insurance unit more than quintupled, while earnings surged at the BNSF railroad and rose in Berkshire's service and retailing operations.
Net income, meanwhile, nearly tripled, though that reflected a new accounting rule requiring Berkshire to report unrealised gains on its stock investments with earnings. Mr Buffett says that rule distorts net results and can mislead investors.
Berkshire said second-quarter operating profit rose to $6.89 billion, or roughly $4,190 per Class A share, from $4.12bn, or $2,505 per share, a year earlier. Analysts on average expected operating profit of $3,387 per share, according to Thomson Reuters data.
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Net income rose to $12.01bn, or $7,301 per Class A share, from $4.26bn, or $2,592 per share, a year earlier.
Book value per Class A share, which reflects assets minus liabilities and is a preferred measure of growth for Mr Buffett, rose 3 per cent from the end of March to $217,677.
Berkshire also ended June with $111.1bn of cash and equivalents, some of which Mr Buffett could use to repurchase stock under a new policy giving him, and Vice Chairman Charlie Munger, more freedom to conduct buybacks as big acquisitions have been hard to find.
Mr Buffett has made no major acquisitions for Berkshire since the $32.1bn purchase of aircraft parts maker Precision Castparts in January 2016.
He has spent some money on stocks, and Berkshire said it ended June with a $47.2bn stake in iPhone maker Apple.
The company said it has not bought back stock in 2018.
Class A shares of Berkshire closed Friday at $304,671, or 7 per cent below their January 29 peak, while Class B shares closed at $200.24, or 8 per cent below its peak on the same day.
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
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