BuffettÔÇÖs business reaping rewards of past investments

The company, run by US investor Warren Buffett, has reported that net profit rose 29 percent to $5.05 billion in the three months to September from the same period last year.

This was mainly down to its investments at the peak of the financial crisis in General Electric and Goldman Sachs, boosting it by $1.2 billion. Meanwhile, Berkshire's revenue also grew 13 percent to $46.5 billion.

Berkshire today owns about 80 companies including railway, clothing, furniture and jewellery firms, with its insurance and utility businesses typically accounting for more than half of the company's net income. It also has major investment stakes in companies such as Coca-Cola, the banking group Wells Fargo, and the computer maker IBM.

Earlier this year, ketchup-maker Heinz was bought for $28 billion by Berkshire and Brazilian investment fund 3G Capital.