(Updates with share buyback)Investing.com - Berkshire Hathaway reported a sharp rise in second-quarter net profit, bolstered by paper gains in its massive stock portfolio, while Chief Executive Officer Greg Abel continued to build the Omaha-based conglomerate's cash reserves toward $360 billion. Net income attributable to shareholders rose to $25.67 billion, or $17,868 per Class A equivalent share, up from $12.37 billion ($8,601 per Class A share) in the same period a year earlier. The gain was driven by $16.08 billion in investment gains, largely reflecting unrealized appreciation across its core public stock holdings, led by top positions including Alphabet Apple, American Express, Bank of America, and The Coca-Cola Company. By accelerating repurchases during the quarter even as the firm's cash pile swelled to a record $359.2 billion, Abel signaled a willingness to return capital to shareholders when market opportunities present themselves. (This is a developing story; further updates to follow)Related articlesBerkshire's profit doubles as equity holdings surge; buys back $4.5 bln sharesKlesch becomes Germany's second-largest oil refiner after BP dealDelaware court blocks Verisk's exit from $2.35 billion AccuLynx deal