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| Warren Buffett |
Holding company run by US investor Warren Buffett has seen
profits surge in the third quarter.
Berkshire Hathaway said net profit rose 29% to $5.05bn
(£3.2bn) in the three months to September from the same period last year.
This was mainly down to its investments at the peak of the
financial crisis in General Electric and Goldman Sachs, boosting it by $1.2bn.
Berkshire's revenue grew 13% to $46.5bn.
In October 2008, Berkshire purchased warrants in GE and
Goldman. Warrants are derivatives that allow the holder to buy shares or other
assets from the issuer at a fixed price within a set period.
Berkshire exercised that right and has become a top-10
shareholder in the bank.
Berkshire owns about 80 companies including railway,
clothing, furniture and jewellery firms, with its insurance and utility
businesses typically accounting for more than half of the company's net income.
It also has major investment stakes in companies such as
Coca-Cola, the banking group Wells Fargo, and the computer maker IBM.
Earlier this year, ketchup-maker Heinz was bought for $28bn
by Berkshire and Brazilian investment fund 3G Capital.
Buffett is one of the world's richest men.
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