(Reuters) – Berkshire Hathaway posted the biggest operating profit in its history last year, despite currency losses and weaker investment returns that weighed on its profit in the fourth quarter, figures released on Saturday showed by the conglomerate of Warren Buffett.

In his annual letter to shareholders, the billionaire describes 2022 as a “good year” for the group, whose dozens of activities generated 30.8 billion dollars (29.15 billion euros) in profit.

Berkshire also improved its liquidity, which at year-end stood at $128.6 billion.

In the fourth quarter, operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion a year earlier.

This result is explained by exchange losses of some 1.2 billion dollars and new write-downs for the car insurer Geico.

Earnings were also down for railroad BNSF, but Berkshire’s energy business boosted profits and insurance also yielded more on higher interest rates.

The group’s quarterly net profit fell 54% to $18.16 billion, or $12,412 per Class A share, from $39.65 billion, or $26,690 per share, a year earlier.

For the whole of 2022, Berkshire posted a net loss of $22.82 billion, mainly due to losses in its common stock portfolio, which amounted to $308.8 billion.

Warren Buffett believes that net profit is a misleading performance indicator because it is volatile and dependent on accounting rules.

Now 92, Buffett has run Berkshire since 1965. He grew the company from then a struggling textile firm into a conglomerate of dozens of businesses spanning insurance, rail, l industry, energy, food, clothing and real estate.

The group’s share rose last year by 4%

(Jonathan Stempel in New York, Jean-Stéphane Brosse)

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