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Berkshire Profit Up 64%, Boosted by PetroChina Sale

Warren Buffett's Berkshire Hathawaysaid on Friday its third-quarter profit rose 64 percent, helped by investment gains including the sale of a stake in PetroChina.

Warren Buffett
AP
Warren Buffett

Berkshire shares ended Friday trade up $1,250, at $132,500 on the New York Stock Exchange.

Net income for the Omaha, Neb.-based insurance and investment company rose to $4.55 billion, or $2,942 per Class A share, from $2.77 billion, or $1,797 per share, a year earlier.

Operating profit, excluding investment gains and losses, fell 1 percent to $2.56 billion, or $1,655 per share, from $2.6 billion, or $1,684 per share.

Analysts on average had expected operating profit of $1,509 per share, according to Reuters Estimates.