Berkshire Hathaway profit declines by 37 percent
Berkshire Hathaway reported 37 percent decline in second quarter net profit compared to the same quarter last year. Due to an underwriting loss from the insurance sector and Geico, Berkshire net income declined to $4.01 billion.
Omaha-based Berkshire Hathaway registered gains in BNSF railroad and Berkshire Hathaway Energy units. The second quarter net income was lower at $4.01 billion compared to $6.4 billion during Q22014. Profit from BNSF railroad increased by five percent to $963 million during the quarter.
Berkshire Hathaway reported 3 percent increase in revenue at $51.3 billion. Book value of Class A Berkshire Hathaway stock increased to $149,735. Investment and derivatives gains faced massive decline to $123 million compared to $2.06 billion during the second quarter last year.
Berkshire’s best performing insurance sector was among the laggards during the quarter. The insurance sector income dropped by 39 percent to $939 million.
Berkshire Hathaway joined hands with 3G Capital to acquire Kraft. The deal created one of the largest food companies in the world. Berkshire Hathaway has 27 percent stake in Kraft Heinz. The annual revenue of the combined entity is expected to be over $27 billion.
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