Profits jump at Buffett holding company

<p>Berkshire Hathaway has seen profits rise by 29 per cent.</p>

A holding company owned by Warren Buffett has confirmed a major rise in its profits.

Berkshire Hathaway, which holds stakes in companies including Coca-Cola, IBM and Heinz, made $5.05 billion (£3.2 billion) in the three months to September.

This was up 29 per cent on the same period last year, with the company increasing its revenues to $46.5 billion.

Mr Buffett's company profited from investments made in firms such as Goldman Sachs and General Electric at the worst point of the worldwide financial crisis.

"Their core businesses, excluding insurance, were actually much better than I expected," Edward Jones analyst Tom Lewandowski said.

Around 80 companies are wholly owned by Berkshire Hathaway, including businesses in the railways, jewellery and clothing industries.

It is among the largest holding companies in the world and Mr Buffett is one of the richest people on the planet.

The investor recently made waves by joining the social networking site Twitter and has already amassed over 688,000 followers.

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