Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. said third-quarter profit surged 64 percent as it reaped an eightfold gain on a stake in PetroChina Co.
Net income rose to $4.55 billion as investment gains increased more than tenfold to $1.99 billion after taxes, the Omaha, Nebraska-based company said yesterday in a regulatory filing. Berkshire began selling its 2.34 billion PetroChina shares as oil prices rose to records in the quarter.
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