Berkshire Hathaway Inc., the conglomerate run by billionaire Warren E. Buffett, reported a 21% rise in second-quarter net income and a 44% jump in earnings from operations, The Wall Street Journal is reporting today.

The holding company, which has interests in insurance and other businesses, reported net income of $773 million, or $506 a Class A common share, up from $640 million, or $421 a share, in the year-earlier period.

The company recorded $420 million in realized investment gains in the latest quarter. ThatÕs up 6% from $395 million in the year-earlier period.

Revenue, including insurance premiums and realized investment gains, rose 62% to $10.7 billion from $6.6 billion in the year-earlier period. A significant portion of the rise was due to recent corporate acquisitions, says Berkshire.

Earnings from operations for the second quarter were $353 million, or $231 a class A share, compared with $245 million, or $161 a share, in the comparable period last year.

The holding company’s consolidated float, or funds held by the insurance companies that can be used to invest in stocks or acquisitions, rose to $30.8 billion at the end of the quarter, up about $2.9 billion from year-end 2000.