Berkshire Hathaway believes its NetJets subsidiary will post a small profit next year, a welcome contrast to grim 2009 results.

The company disclosed that NetJets suffered a 42 percent or $1.5-billion decline in revenues during the first nine months of 2009 compared to the same period a year earlier, according to the latest form 10-Q filed with the U.S. Securities and Exchange Commission. This mainly was caused by a 79 percent decline in fractional ownership sales and 24 percent lower flight operations.

NetJets had $531-million in pre-tax losses for the first three quarters of 2009, including $436 million in asset value write-downs and costs associated with downsizing. Further downsizing will take place in the fourth quarter and more aircraft will be sold off.

Combined with recently announced layoffs, Berkshire Hathaway now believes that NetJets is "likely to operate at a modest profit in 2010," but that assumes the U.S. economy won't suffer a double-dip relapse into recession in 2010 or renewed attacks on business jet ownership by politicians, special interest groups or the media.

Bloomberg reported earlier this week that NetJets actually could benefit from public pressure on corporations that operate their own business jets. The report pointed out that "there are times when you've got to get to four different cities over the course of a day&"While the immediate availability of a business aircraft can make possible such mobility, the anonymity afforded by traveling in a Netjets airplane is perceived as "less piggish" that operating a company airplane.

Photo credit: NetJets