{"id":65997,"date":"2018-02-25T00:59:39","date_gmt":"2018-02-25T00:59:39","guid":{"rendered":"http:\/\/www.bnreport.com\/lower-tax-rate-fuels-record-profit-for-buffetts-berkshire\/"},"modified":"2018-02-25T00:59:39","modified_gmt":"2018-02-25T00:59:39","slug":"lower-tax-rate-fuels-record-profit-for-buffetts-berkshire","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/lower-tax-rate-fuels-record-profit-for-buffetts-berkshire\/","title":{"rendered":"Lower tax rate fuels record profit for Buffett’s Berkshire"},"content":{"rendered":"

Warren Buffett<\/a>'s Berkshire Hathaway Inc<\/a> on Saturday reported a record quarterly and annual profit, benefiting from a lower US corporate income tax<\/a> rate. <\/p>\n

Fourth-quarter net income increased roughly fivefold to $32.55 billion, or $19,790 per Class A share, from $6.29 billion, or $3,823 per share, a year earlier. <\/p>\n

Quarterly operating profit for the Omaha, Nebraska-based conglomerate fell 24 per cent to $3.34 billion from $4.38 billion. <\/p>\n

Berkshire attributed roughly $29.11 billion of its net income to the reduction of the US corporate tax rate, to 21 per cent from 35 per cent, that President Donald Trump<\/a> signed into law in December. <\/p>\n

Book value per Class A share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire\u2019s intrinsic worth, was $211,750 at the end of the year, up 13 percent from three months earlier. <\/p>\n

This also benefited from the tax law change. <\/p>\n

For all of 2017, Berkshire's net income rose 87 per cent to $44.94 billion. Operating profit, however, fell 18 per cent to $14.46 billion, hurt by a rare loss from insurance underwriting<\/a>. <\/p>\n

Berkshire's Class A shares<\/a> closed at $304,020.01 on Friday, and its Class B shares closed at $202.76. <\/p>\n

Both are up a little over 2 per cent this year, but are down nearly 7 per cent from their record highs set on January 29. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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Warren Buffett's Berkshire Hathaway Inc on Saturday rep..<\/p>\n","protected":false},"author":1,"featured_media":65998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-65997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nLower tax rate fuels record profit for Buffett's Berkshire - Business News Report<\/title>\n<meta name=\"description\" content=\"Warren Buffett's Berkshire Hathaway Inc on Saturday rep..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/lower-tax-rate-fuels-record-profit-for-buffetts-berkshire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lower tax rate fuels record profit for Buffett's Berkshire - 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