Berkshire posts record operating profit, $35.9 billion of net income

Berkshire Hathaway on Saturday posted its highest-ever quarterly operating profit, bolstered by improved results in its insurance businesses, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly $36 billion overall profit.

Operating profit rose 7 per cent to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier.

Net income totalled $35.91 billion, or $24,775 per Class A share, compared with a year-earlier $43.62 billion loss.

Berkshire also said it repurchased $1.4 billion of stock in the quarter.