Warren Buffett's company Berkshire Hathaway has reported a rise in profits of 46% in the second quarter following big gains from the firm's investment portfolios.
The group reported net income rose to $4.54bn, up from $3.11bn in the second quarter of 2012. One of the biggest factors behind the profits rise was due the firm making a $622m profit from investments and derivatives, compared to a $612m paper loss last year. Buffett (pictured) benefited from positions in car insurance, energy and railroads. The company reported its cash pile shrunk during the quarter from $49.1bn to $35.7bn following the purchase of Heinz for $23bn earlier this year. Buffett teamed up with investment firm 3G Capital for the merger, agreeing to pay $72.50 a shar...
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