×
443
Fashion Jobs
HERITAGE FOODS INDIA
Area Sales Manager(Hyderabad & Vijayawada) @ Hfl
Permanent · Hyderabad
NASH INDUSTRIES (I) PVT. LTD.
Production Manager Position With Nash Industries-Pune
Permanent · Pune
ACCELERATE SOCIAL WELFARE FOUNDATION
Area Sales Manager
Permanent · Noida
VR INDUSTRIES PVT. LTD
Area Sales Manager
Permanent · Chennai
G.R. BATHLA & SONS
Marketing Executive/Area Sales Manager
Permanent · Ludhiana
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Cutting Manager/Production Head - Garments Industry
Permanent · Bhiwandi
KALPA ELECTRIKAL PVT. LTD
Hiring For Production in Charge/ Manager (8-15 Yrs Exp)
Permanent · Bengaluru
TARGET PUBLICATIONS
Regional Sales Manager
Permanent · Mumbai
THE BANYAN HR CONSULTS
Head HR For Garments Manufacturing Company at Chengalpattu, Tamil Nadu
Permanent · Chennai
IUMENTAS LIFE SCIENCE
Veterinary Sales Manager For The State of Assam
Permanent · Guwahati
HINDCO RECRUITMENT CONSULTANTS
Production Manager| Leading Plastic Manufacturing Company| Umbergaon
Permanent · Navsari
HINDCO RECRUITMENT CONSULTANTS
Production Manager| Leading Polythread Manufacturing Company| Ranchi
Permanent · Ranchi
ENGGSERVICES2INDIA
Production Quality Manager - Immediate Requirement
Permanent · Bengaluru
DIASORIN HEALTHCARE INDIA PRIVATE LIMITED
Area Sales Manager
Permanent · Hyderabad
METROPOLIS HEALTHCARE
Territory Sales Manager @ Mumbai
Permanent · Mumbai
GTROPY SYSTEMS PRIVATE LIMITED
Direct Sales Manager - Faridabad
Permanent · Faridabad
METROPOLIS HEALTHCARE
Territory Sales Manager @Amravati/Nagpur/Aurangabad
Permanent · Nagpur
AAVAS FINANCIERS LIMITED
Area Sales Manager | Home Loan | Delhi
Permanent · Pune
RAJ RAJESHWARI SPICE FOODS LTD.
Area Sales Manager/Senior Sales Officer Required
Permanent · Bareilly
PARK RETAIL MARKETING PVT LTD
Job Opening For Area Sales Manager
Permanent · Pune
ALUDECOR LAMINATION PVT LTD
Area Sales Manager
Permanent · Rohtak
INFEXN LABORATORIES PRIVATE LIMITED
Area Sales Manager - Diagnostic / Healthcare
Permanent · Pune
By
Reuters
Published
May 5, 2007
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Berkshire Hathaway profit rises 12 pct

By
Reuters
Published
May 5, 2007

By Jonathan Stempel

OMAHA, Nebraska (Reuters) - Warren Buffett's Berkshire Hathaway Inc. said on Friday first-quarter profit rose 12 percent as earnings surged in its insurance and utilities businesses.

Net income for the Omaha, Nebraska-based insurance and investment company rose to $2.6 billion (1.3 billion pounds), or $1,682 per Class A share, from $2.31 billion, or $1,501, a year earlier. Revenue soared 45 percent to $32.92 billion.

Operating profit, excluding investment gains and losses, rose 24 percent to $2.21 billion, or $1,434 per share. On that basis, analysts on average had expected profit of $1,447 per share, according to Reuters Estimates.

"Results looked solid," said Thomas Russo, who helps invest $3 billion at Gardner Russo & Gardner in Lancaster, Pennsylvania, including 8 percent in Berkshire. "It's a good start to the year, given that so much of their insurance results are in quarters still to come."

While operating earnings just missed forecasts, Russo said Buffett's investing track record "liberates him to invest in a way to build long-term, even if it means short-term disappointments. That's really the story of earnings."

Profit from insurance underwriting rose 82 percent to $601 million, and investment income from insurance rose 6 percent to $748 million.

Meanwhile, profit in non-insurance businesses rose 16 percent to $894 million. The March 2006 acquisition of western U.S. utility PacifiCorp helped boost pretax energy and utility profit 26 percent.

Results were released ahead of Saturday's annual meeting in Omaha, which is expected to draw more than 24,000 people.

The meeting is part of a weekend of events that Buffett dubs "Woodstock for Capitalists." Russo said he is attending for a 23rd straight year.

Known as the Oracle of Omaha, Buffett has transformed Berkshire since 1965 from a failing textile company into a $169 billion conglomerate by buying out-of-favour companies with strong management and businesses, and investing in stocks.

Forbes magazine in March called him the world's second-richest person, after Microsoft Corp.'s Bill Gates.

Berkshire's Class A shares closed Friday up $650 at $109,250 and its Class B shares rose $13.25 to $3,631. The Class A shares have risen 24 percent in the last year, while the Standard & Poor's 500 .SPX and insurance indexes are up 15 percent and 14 percent, respectively.

INSURANCE PREMIUMS SOAR

Insurance usually generates more than half of Berkshire's profit. Premiums more than doubled to $13.51 billion, including about $7.1 billion from the Equitas reinsurance agreement that took effect on March 30.

Profit fell 5 percent at Geico Corp., as the auto insurer cut rates in some markets, though premiums rose 8 percent. Earnings rose sixfold at Berkshire's reinsurance group as storm losses fell, while General Re Corp.'s profit

© Thomson Reuters 2021 All rights reserved.