Berkshire Hathaway posts record profit in 2013

Warren Buffett's conglomerate Berkshire Hathaway posted a record profit in 2013, jumping 31 per cent over the previous year, the company said in its annual report, released on Saturday.

Profit for the full year rose to $19.5 billion from $14.8 billion in 2012.

Net income rose to $4.99 billion in the fourth quarter, or $3,035 per Class A share, from $4.55 billion, or $2,757 per share, a year earlier.

Quarterly operating profit advanced to $3.78 billion, or $2,297 per share, from $2.81 billion, or $1,704 per share in the year-earlier quarter.

Analysts on average expected Berkshire to report operating earnings per share of $2,203.91, according to Thomson Reuters I/B/E/S.

Book value per share at the end of 2013 rose 18.2 per cent from the end of 2012, to reach $134,973.

Chairman and chief executive Buffett released his annual letter to shareholders on Saturday, as well.

Copyright: Thomson Reuters 2014