The flourishing insurance and investment segments helped Berkshire Hathaway – Warren Buffett’s company – make big profits in the second quarter.

Berkshire Hathaway on August 5 released its second-quarter financial results. Accordingly, operating profit in the second quarter set a record with 10 billion USD, up 6.6% over the same period last year.

Berkshire’s net profit also amounted to $35.9 billion — in stark contrast to a $43.6 billion loss in the second quarter of last year, thanks to underwriting and investment returns.

Insurance appraisals brought Berkshire $1.25 billion, nearly double last year. Berkshire explained that this segment has grown in profits thanks to higher auto insurance premiums, lower advertising costs and a decrease in the number of claims filed by customers.

Meanwhile, the return on investment was 25.9 billion USD. Last year, this operation lost 53 billion USD. Apple stock – the largest investment in Berkshire’s portfolio – rose in price by nearly 18 percent last quarter. Berkshire’s stake in the company is now $177.6 billion.

In contrast, Warren Buffett ‘s company reduced its stake in Chevron by $1.4 billion, to $19.4 billion at the end of June. Its shares have lost 11% this year.

However, Berkshire’s energy and freight companies posted a year-over-year decline in profits. This is due to rising labor costs, competition from freight trucks and less consumables being transported.

Investors often keep a close eye on news related to Berkshire, thanks to Buffett’s reputation. Berkshire’s business results also reflect general trends in the economy, as the company is involved in many sectors.

Berkshire’s cash mountain at the end of the second quarter was $ 147 billion, much higher than $ 130 billion in the first quarter. The company’s class A share price also reached a new peak last week, to $ 541,000.

At the end of this month, Buffett will turn 93. According to Forbes , he currently has a fortune of $117 billion and is the sixth richest person in the world.

Related

Source: Vietnam Insider

Vietnam Airlines Corporation (Vietnam Airlines, stock code: HVN) has officially released its first quarter consolidated financial statements, reporting sales of VND 23,640 billion, doubling the same time in 2022. Notably, the figure has approximated the revenue level prior to the Covid-19 crisis.

The national airline’s gross profit climbed to 1,959 billion dongs, while the gross loss was 1,595 billion dongs at the same time.

Revenue from the financial activities of the firm climbed 3.5 times to 366 billion dongs in the first three months of the year. Financial expenditures, on the other hand, went up by 46% to 773 billion dong; selling expenses increased by 187% to 1,048 billion dong; and administrative expenses increased by 23% to 482 billion dong.

As a consequence, after 12 straight quarters of losses, Vietnam Airlines earned VND 19.3 billion in pre-tax profit in the first quarter. However, after-tax profit is still negative 37.3 billion dongs.

The above result, according to the company’s explanation, is mostly attributable to the efficient exploitation of the Lunar New Year, the recovery of the worldwide market, particularly China gradually easing the disease control policy. Seat usage is high in areas such as the United States, Europe, and Australia. Vietnam Airlines had to increase the load at peak periods to serve passengers.

Since April 25, HVN stock has been under warning. The reason is that Vietnam Airlines is more than 15 days late in submitting the audited financial statements for 2022, in the case of securities that have been warned in accordance with requirements.

In this regard, the company stated that it has come to the completion of the reconciliation and debt confirmation procedures with the supplier.

@dantri.com

Related

Source: Vietnam Insider