Berkshire Hathaway third quarter profit up and cash pile soars

Berkshire Hathaway Inc reported a rise in third quarter profit and revealed its cash pile jumped to a record high, as its longtime chief Warren Buffett prepares to call time on his stint at the helm of the company.

Third quarter total revenue increased 2.1% to USD94.97 billion from USD93.00 billion a year prior. The Omaha, Nebraska-based insurance and railways conglomerate achieved net earnings growth of 17% to USD30.86 billion from USD26.48 billion.

Cash and cash equivalents and short-term investments in US Treasury bills totalled USD381.67 billion at the end of September, an all-time high, rising from USD334.20 billion at the start of the year.

Berkshire is preparing for Buffett to step down as chief executive at the end of this year. Buffett will hand over the reins to Greg Abel.