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NetJets Soars in 2011, Eyes China for Further Growth (from AIN)

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surveypilot

Well-known member
Joined
Feb 5, 2003
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[FONT=Verdana, Arial, Helvetica, sans-serif]“A few years ago NetJets was my number-one worry–its costs were far out of line with revenues, and cash was hemorrhaging,” Warren Buffett, chairman of NetJets and FlightSafety International parent company Berkshire Hathaway, wrote in his latest annual letter to shareholders, released on Saturday. “These problems are now behind us,” with NetJets delivering $227 million in pre-tax earnings last year, up $20 million from 2010. Berkshire’s “other services” division–which includes FlightSafety and NetJets, among a handful of other non-aviation-related businesses–reported $7.9 billion in revenues last year, an 8-percent year-over-year increase, and a 6-percent rise in pre-tax earnings to $1.04 billion. Much of these gains were attributable to both NetJets and FSI, Buffett said. In fact, NetJets’ earnings increased 10 percent thanks to higher revenues and lower aircraft maintenance costs due to a 10-percent reduction in its aircraft fleet. According to the Berkshire report, over the past three years NetJets trimmed its aircraft fleet size by about 20 percent and lowered its operating cost structure. Buffett said NetJets’ results were “particularly impressive” because aircraft share sales were slow during most of the year, though “there was an uptick” in December. Meanwhile, NetJets appears poised for further expansion outside the U.S., with Buffett saying, “NetJets is proceeding on a plan to enter China with some first-class partners.” An announcement about NetJets China is expected next month at ABACE, though a NetJets spokeswoman could not yet confirm this.[/FONT]
 
Here comes the people who think the top 2 or 3 riches men in the world is an idiot when it comes to the fractional business...5...4....3....2.....1
 
He certainly knocked US Airways out of the park. :eek:
 
I came accross this article on Bloomberg News: I wonder if this is what they're gonna call the new Asian venture(if it ever gets off the ground). One more thing, I was under the impression they were looking at Beijing or Shangai, not Hong Kong

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=140078224
Netjets (Hong Kong) Co., Ltd.


SnapshotPeople

Company Overview

Netjets (Hong Kong) Co., Ltd. offers private jet services. The company is based in Hong Kong. Netjets (Hong Kong) Co., Ltd. operates as a subsidiary of NetJets Inc.

Hong Kong,
Hong Kong

Key Executives

Netjets (Hong Kong) Co., Ltd. does not have any Key Executives recorded.

Key developments for Netjets (Hong Kong) Co., Ltd.

Netjets (Hong Kong) Co., Ltd to Invest CNY 200 Million to Launch a Branch in Mainland China
09/2/2011

Netjets (Hong Kong) Co. Ltd., a subsidiary of NetJets, is to invest CNY 200 million to launch a branch for NetJets in mainland China. This branch is mainly in charge of the private jet services covering countries in Asia.
 
2..1..No one with any sense can deny Buffet is a financial "genius" with his learned ability to read financial statements and see trends. His growing reputation as an idiot comes from his insistence that giving one's money to the government is somehow a noble quest (though he himself doesn't seem to practice the idea too much), and is not related to Netjets(I know that is hard to swallow). And to say that our tax system is broke is simply saying what is obvious to all taxpayers, not just to Mr. B.
WL
 
Being dishonest doesn't make one an idiot, maybe just a liar
 
I hope NJASAP does a better job negotiating jobs for the furloughees this time. Shame that EJM and NJME have taken so few of us......
 
I hope NJASAP does a better job negotiating jobs for the furloughees this time. Shame that EJM and NJME have taken so few of us......
That is a shame. I thought they would have mined that vein also...

Going to brush up on my Mandarin now...
 

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