Buffett's Berkshire swings to big profit as stocks gain

OMAHA, Neb.: Warren Buffett's Berkshire Hathaway Inc on Saturday swung to a big quarterly profit, bolstered by gains in its stock investments, and also posted a small increase in operating earnings.

Operating profit, which Buffett considers a better performance measure, rose 5 percent to US$5.56 billion, or about US$3,388 per Class A share, from US$5.29 billion, or US$3,215 per share, a year earlier. Results excluded operating earnings tied to Berkshire's 26.7 percent stake in Kraft Heinz Co because the food company has not reported its own quarterly results. In last year's fourth quarter, Berkshire took a US$3-billion writedown on Kraft.That, in part, reflected Buffett's inability to find a major business to add to Berkshire's stable of more than 90 companies in the insurance, chemicals, energy, food and retail, industrial, railroad and other sectors.

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