Rising stocks fuel huge profit for Buffett's Berkshire

Warren Buffett's Berkshire Hathaway Inc on Saturday posted a 23% decrease in quarterly operating profit, while soaring stock prices boosted net results and enabled the conglomerate to smash its old record for full-year earnings.

NEW YORK: Warren Buffett's Berkshire Hathaway Inc on Saturday posted a 23% decrease in quarterly operating profit, while soaring stock prices boosted net results and enabled the conglomerate to smash its old record for full-year earnings.

Fourth-quarter operating profit totaled $4.42 billion, or approximately $2,720 per Class A share, down from $5.72 billion, or about $3,484 per share, a year earlier, hurt by a loss from insurance underwriting.