Warren Buffett’s Conglomerate Profits Soar With Economic Recovery

Share your love

The operating profit of US conglomerate Berkshire Hathaway, controlled by billionaire Warren Buffett, grew 21% in the second quarter of 2021, driven by the economic reopening in the US amid the COVID-19 pandemic, informs Reuters.

The conglomerate reported this Saturday operating profit of 6,690 million of dollars, which represents 21% more than the 5.51 billion registered in the same period last year. Meanwhile, the net income increased 7%, to reach $ 28.1 billion.

Many of the companies that are part of Berkshire Hathaway suffered losses in 2020, but now that the economy begins to recover they are making “significant” gains, exceeding pre-pandemic levels in some cases, despite supply chain disruptions and rising prices.

Repurchase of shares

Furthermore, in the second quarter of 2021, the conglomerate repurchased its own shares for a total value of $ 6 billion, even when the price of those securities was at all-time highs.

Berkshire Hathaway recognized be satisfied with the quarterly results, but cautioned that the pandemic risks they still persist, and could once again affect economic activity in the US and the world if a significant number of people are not vaccinated against COVID-19.

Article Source

Read Also   COVID: How Close Contact Isolation Protocols Change
Share your love