Profit Buffetts Berkshire shrinks

Profit Buffetts Berkshire shrinks

World August 5, 2017 14:00

- Revenues in insurance activities push the profits of billionaire investor Warren Buffett. His investment vehicle Berkshire Hathaway saw earnings decline in the last quarter.

That's what the US superintendent Buffett says. Operating profit decreased 11% year on year to $ 4.12 billion, with 15% less net profit to $ 4.26 billion.

Against strong profits from its investments in energy companies (+ 28% to $ 516 million) and railways (+ 24% profit growth to $ 958 million), lower returns from the insurance sector.

The third-highest wealthiest man in the world is also suffering from a weak dollar.

Buffetts Berkshire now owns $ 100 billion in cash. Buffett (86) invested more in real estate and mortgage lenders. He continued his interest in IBM.

At the end of July, Buffett purchased $ 9 billion for Texas's largest energy supplier. The acquisition is being overestimated by a shareholder Elliott Management.

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