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.