Monday, August 09, 2010

BNSF profits boost Berkshire earnings

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Berkshire Hathaway has reported that operating earnings for the second quarter and first six months of 2010 increased 72.7% and 52.0% from the comparable periods in 2009. 

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“BNSF was the major contributor adding $885 million to net earnings since our acquisition on Feb. 12, 2010, including $603 million during the second quarter,” said the company in an earnings statement released Aug. 6. Another major reason for the improvement occurred at NetJets with a swing from a pre-tax loss of $348.5 million in the first six months of 2009 to a pre-tax profit of $114.5 million in 2010.

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Berkshire paid $26.5 billion in February for the share of BNSF it did not already own.