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Berkshire reports $3.2-billion profit

November 07, 2009|Times Wire Reports

Berkshire Hathaway Inc., billionaire investor Warren Buffett's company, said its third-quarter profit tripled as the improving economy and stock market boosted the value of its derivative contracts.

Its net income of $3.2 billion, or $2,087 a share, was up from $1.1 billion, or $682, in the same period last year.

Berkshire owns more than 60 subsidiaries and has major investments in firms such as Coca-Cola Co. and Wells Fargo & Co. Its insurance companies performed well but its other operating companies struggled.

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