Warren Buffett's Berkshire Hathaway Inc on Friday reported a net income of $3.24 billion for the third quarter of the current year (July-September 2009), an over 300 per cent jump compared to $1.06 billion in the same quarter of the previous year.

Earnings per share (Class A) also more than tripled to $2,087 from $682 in the year earlier quarter.

Excluding investments, operating profit fell less than a per cent to $2.06 billion, from $2.07 billion in Q3 2008. Revenue rose 7.0 per cent to $29.9 billion.

The profits were boosted by higher margins in the insurance business and a rising stock market, Omaha, Nebraska-based Berkshire Hathway said in a release.

Insurance underwriting profit more than quadrupled to $363 million, helped mainly by reinsurance. Insurance investment income rose 21 per cent to $976 million.

Berkshire also gained from a rising stock market with a rise in the value of its investments in companies such as Coca-Cola Co, Goldman Sachs Group Inc, Procter & Gamble Co and Wells Fargo & Co.