Desert Falcon Rising - desertfalconrising.com

  • Increase font size
  • Default font size
  • Decrease font size
Home Desert Falcon's Archives
E-mail Print
User Rating: / 0
PoorBest 

Warren Buffett: NetJets Now ‘Solidly Profitable’

from AIN: Charter and Fractional by Chad Trautvetter

Revenues at Berkshire Hathaway’s “other services” segment–which includes fractional jet provider NetJets and flight-training company FlightSafety International–climbed by $770 million (up 12 percent year-over-year), to $7.4 billion, according to the company’s 2010 financial results, released on Saturday. Pre-tax profits at the division soared to $984 million, versus a $91 million loss in 2009. “The improved results were significantly driven by improved operating results of NetJets,” Berkshire said. Last year, NetJets’ revenues increased 7 percent over 2009’s figures, while its pre-tax profits totaled $207 million versus a $711 loss in 2009. In his annual letter to shareholders, Berkshire chairman Warren Buffett praised NetJets CEO David Sokol, who took the helm at the fractional provider in August 2009. “Even though NetJets was consistently a runaway winner with customers, our financial results, since its acquisition in 1998, were a failure,” Buffett wrote. “In the 11 years through 2009, the company reported an aggregate pre-tax loss of $157 million, a figure that was far understated since borrowing costs at NetJets were heavily subsidized by its free use of Berkshire’s credit…Dave’s quick restructuring of management and the company’s rationalization of its purchasing and spending policies has ended the hemorrhaging of cash and turned what was Berkshire’s only major business problem into a solidly profitable operation.”

http://www.ainonline.com/news/single-news-page/article/warren-buffett-netjets-now-solidly-profitable-28836/

 
Related Articles

w3c.org CSS/XHTML Validator

PilotHiring.com (RSS)

  • Navajo Captain
    https://www.pilotjobs.io/pilot-jobs/Navajo-Captain-51916.html Having command of, and the responsibility for, the flight crew, passengers, cargo, the safe conduct of the flight, and providing guidance an...
  • First Officer
    https://www.pilotjobs.io/pilot-jobs/First-Officer-51264.html We are looking for non-type rated First Officers, who are willing to be based in Antalya, and meet the qualification, and requirements below...
  • HondaJet First Officer
    https://www.pilotjobs.io/pilot-jobs/HondaJet-First-Officer-51263.html Description<br>The Second-in-Command assists the PIC in operation of aircraft on trips as assigned by flight operations management, and assu...
  • ATR 72 Captain
    https://www.pilotjobs.io/pilot-jobs/ATR-72-Captain-50627.html Reciprocal jump seat program available to pilots.<br>Paid and confirmed travel to/from most major Canadian cities to the base of operation i...
  • Challenger 300 Captain
    https://www.pilotjobs.io/pilot-jobs/Challenger-300-Captain-51921.html Seeking qualified Pilot in Command candidates for a Challenger 300 aircraft based in Dallas, TX. (KDAL).<br>The Pilot in Command (PIC) holds...
  • Flight Instructor
    https://www.pilotjobs.io/pilot-jobs/Flight-Instructor-51913.html Responsibilities<br>Perform flight instruction, pre-flight planning and briefing, ground and flight lessons, post-flight debriefs, analysis ...
  • B737 First Officer
    https://www.pilotjobs.io/pilot-jobs/B737-First-Officer-52571.html Delighted to announce that we are actively recruiting for B737 Rated First Officers, who hold the unrestricted right to live and work in Mor...
  • B737NG MAX First Officer
    https://www.pilotjobs.io/pilot-jobs/B737NG-MAX-First-Officer-52563.html B737NG/MAX First Officer based in Nadi, Fiji.<br>12 months renewable contract up to 3 years<br>Day-off Program: Commuting program available<...