If Berkshire Hathaway’s first-quarter results are any indication, its NetJets subsidiary will record a profit this year, compared with the $80 million in losses the fractional aircraft provider recorded last year. The investment company’s flight-services division, composed of NetJets and FlightSafety International, had $919 million in revenues in the first quarter–a $152 million or 20-percent increase over the same period last year. According to Berkshire Hathaway, this was “primarily due to a 23-percent increase in revenues from NetJets,” as the result of a 19-percent rise in flight operations and management service fees and fewer outsourced flights.
NetJets Poised for a Profitable Year?
- September 15, 2006, 6:07 AM