Berkshire Hathaway profit rises 62%

BERKSHIRE Hathaway, the insurance and investment firm run by billionaire Warren Buffett, has said second-quarter profit rose 62% as investments benefited from higher US interest rates and a weakening dollar.

Net income climbed to $2.35 billion (€1.7bn), or $1,522 share, from $1.45bn, or $941, a year earlier, the Omaha, Nebraska-based company said. Interest and dividend income from investing policyholder premiums rose 34% to $782 million, and the company had an $87m gain on its foreign currency position after a loss a year earlier.

Berkshire cut its currency contracts by $4.2bn during the quarter to $1.2bn even as the US Dollar Index, used to measure its value against six major currencies, fell the most in 18 months.