NEW YORK (Reuters) – Berkshire Hathaway announced on Saturday that it had recorded $ 3.76 billion (3.25 billion euros) of asset depreciation on his participation in Kraft Heinz and reported a decreased quarterly operating profit due to a drop in insurance premiums.
The conglomerate of Warren Buffett also announced a 59% drop in net profit in the second quarter, citing the depreciation in question and less performance of its ordinary shares.
Its operating profit fell 4% to $ 11.16 billion, or about 7,760 dollars per category A share. Net profit increased from $ 30.35 billion to 12.37 billion.
Berkshire Hathaway had already depreciated his participation in Kraft Heinz of $ 3 billion in 2019 and Warren Buffett then estimated that he had surpassed the merger having given birth to the agrifood group in 2015.
In May, Kraft Heinz, in difficulty, said he considers strategic alternatives that could include dismantling.
In addition, the activities of Berkshire Hathaway in retail and consumer goods were penalized by American customs duties in the second quarter.
Its consumer product division, which includes the Fruit of the Loom and Duracell brands, posted a decrease of 5.1% of its turnover over the quarter, to 189 million dollars, due to the drop in volumes, customs duties and restructuring.
Conglomerate’s performance is closely followed by investors, because its wide range of activities is considered a microcosm of the American economy in the broad sense.
(Written by Carolina Mandl and Jonathan Stempel in New York; Kate Entringer)
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