INSUBCONTINENT EXCLUSIVE:
Saturday said gains in its stock investments fueled a big first-quarter profit, while improved results from its Geico auto insurer and BNSF
railroad units boosted operating results.Berkshire also said it repurchased $1.7 billion of its stock in the quarter, reflecting Buffett's
troubles to find better uses for the Omaha, Nebraska-based conglomerate's cash hoard, which now totals $114.2 billion.Results were
released as Mr Buffett, 88, and Vice Chairman Charlie Munger, 95, prepared to answer more than five hours of questions from shareholders and
analysts at Berkshire's annual meeting in Omaha, Nebraska, which draws tens of thousands of people.The $21.66-billion overall profit, or
$13,209 per Class A share, compared with a year-earlier net loss of $1.14 billion, or $692 per share, and a fourth-quarter net loss of
$25.39 billion.These results illustrate what Mr Buffett has called the "wild and capricious" and, in his view, meaningless swings caused by
an accounting rule requiring the reporting of unrealized stock gains with earnings, regardless of Berkshire's plans to sell
Berkshire had $15.1 billion of these gains in the first quarter.Operating profit, which Mr Buffett considers a better performance measure,
rose 5 per cent to $5.56 billion, or about $3,388 per Class A share, from $5.29 billion, or $3,215 per share, a year earlier.Analysts on
average expected operating profit of about $3,399 per Class A share, according to Refinitiv data.Results excluded operating earnings tied to
Berkshire's 26.7 per cent stake in Kraft Heinz Co because the food company has not released its own audited quarterly results, Mr Buffett
told reporters before the annual meeting.Mr Buffett also maintained that "we paid too much" for Kraft Heinz, which was created in a 2015
merger between Kraft Foods and H.J
Heinz, which Berkshire and Brazil's 3G Capital controlled.In last year's fourth quarter, Berkshire took a $3-billion writedown on
Kraft.GEICO, BNSFGeico saw pre-tax underwriting profit rise 14 per cent as rising rates and premiums offset higher accident claims.BNSF's
profit rose 9 per cent to $1.25 billion as higher demand from the energy and industrial sectors offset lower volumes attributed to severe
winter weather and flooding.Among other businesses, the Berkshire Hathaway Energy unit posted a 3-per cent profit increase, while earnings
from retailing and services units increased 16 per cent, despite a 19 per cent revenue drop at See's Candies because Easter fell
late.Berkshire owns more than 90 companies.Last month, Berkshire committed $10 billion to Occidental Petroleum Corp's cash-and-stock bid
for Anadarko Petroleum Corp, which Chevron Corp also wants to buy.The Berkshire investment is contingent on Occidental completing its
proposed purchase of Anadarko.Berkshire's Class A shares closed Friday at $327,765.61, and its Class B shares closed at $218.60.Get the
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