NetJets Profitable So Far This Year

 - November 29, 2010, 10:32 AM

Revenues at Berkshire Hathaway’s NetJets fractional aircraft subsidiary climbed 17 percent during the first nine months of this year versus a year ago “due to an increase in worldwide flight revenue hours and increased fuel cost recoveries, partially offset by lower management fees due to fewer aircraft in the NetJets program.” According to the third-quarter financial report, NetJets logged pre-tax earnings of $158 million in the first nine months, compared with a pre-tax loss of $531 million a year ago, which included asset writedowns and downsizing costs of $436 million, $181 million of which took place in the third quarter last year. NetJets said its operating cost structure has been reduced to better match customer demand.