Warren Buffett's company Berkshire Hathaway has seen a growth of $2 billion in its profit in the second quarter. The company was not able to do well in the first quarter because of extreme weather conditions that hampered Berkshire's railroad operations. The profit earned by the company during the same period last year was $4.5 billion. But this year, the company earned nearly $6.4 billion in the second quarter, which is a rise of nearly $2 Billion.

Berkshire Hathaway is an investment conglomerate that includes Geico Auto Insurance, Burlington Northern Santa Fe Railway, Dairy Queen, Benjamin Moore, Fruit of the Loom, Heinz, and See's Candies.

Growth in housing sector has helped many related companies that fall under Berkshire Hathaway's umbrella to produce good results.

"Clayton Homes, Shaw industries, Acme Brick Company, Benjamin Moore, Johns Manville all performed well. That's the real story as the recovery works its way through the economy", said Thomas Russo, a partner at investment firm Gardner Russo & Gardner.

Class A Berkshire shares were trading at $188,279 on Friday whereas Class B Berkshire shares were trading at $125.83.

A great boost was provided to Warren Buffett's company by a paper gain from a stock-swap deal earlier this year. The deal played a significant role in the 41% jump recorded by the company in its second-quarter profit. The commendable rise in profit indicates investment gains and improved results in business not related to insurance. The company also reported strong performances at most of its 80-odd subsidiaries.