Berkshire posts record operating profit in 2Q

Attendees pass a photograph of Buffett displayed during a shareholders shopping day ahead of the Berkshire Hathaway annual meeting in Omaha, Nebraska. — Bloomberg

NEW YORK: Berkshire Hathaway has posted its highest ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly US$36bil overall profit.

Rising interest rates, and better results at the Geico car insurer, allowed Berkshire’s insurance businesses to generate more money in the second quarter, with profit up 38% and interest and other investment income growing six-fold.