Berkshire Hathaway: NetJets Now 'Solidly Profitable'

Revenues at Berkshire Hathaway's "other services" segment-which includes fractional-jet-share provider NetJets and flight-training company FlightSafety International-rose $770 million to $7.4 billion last year, according to financial results released on February 26. That's a 12-percent year-over-year increase. Pretax profits at the division soared to $984 million, versus a $91 million loss in 2009.

According to Berkshire, NetJets played a big role in the turnaround. Berkshire Hathaway chairman Warren Buffett had been highly critical of NetJets' operation prior to the appointment of David Sokol (in photo) as CEO. In his latest annual letter to shareholders, Buffett wrote that Sokol'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."