NetJets, the largest operator of private jets in the world, announced pre-tax profit increased 19%.
NetJets pre-tax earnings increased 19% “primarily due to lower subcontracting expense and a decline in losses from aircraft impairments and dispositions,” according to parent company Berkshire Hathaway’s 2016 Annual Report. Those gains were “partly offset by increases in depreciation and restructuring,” the report stated.
Revenues at the company which sells fractional ownership shares for private jet travel and the Marquis Jet card program were down 2%. NetJets operates the largest fleet of private jets in the world. Berkshire Hathaway boss Warren Buffett did not mention NetJets specifically in his 27-page Chairman’s Letter which opens the annual report.