Business
Buffett’s firm hit by virus but profit soars – The Australian Financial Review
Part of billionaire investor Warren Buffett’s empire took a $US10 billion asset write-down and cut about 10,000 jobs during the first half of the year, but it was not enough to stop profits surging 87 per cent.
Mr Buffett has long said Berkshires operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.
They also exclude the Precision Castparts write-down. By that measure, Berkshires operating earnings declined 10 per cent to $US5.5 billion ($7.7 billion) as most of its businesses were hurt by restrictions related to the coronavirus pandemic. That’s down from $US6.1 billion ($8.5 billion).
The pandemic’s impact on Berkshir…
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