Nov. 5 (Bloomberg) -- NetJets Inc., the unprofitable plane- leasing unit owned by Warren Buffett’s Berkshire Hathaway Inc., is firing 495 pilots as the slowdown in corporate flights persists.

“This difficult decision resulted from a comprehensive analysis of current and projected flight demand,” David Sokol, NetJets chief executive officer, said in a statement. “As we move forward, we will continue to adjust our operations to meet customers’ needs and act in a fiscally responsible manner.

The firings at the company’s North American operations come less than two months after the Columbus, Ohio-based company said it would cut more than 300 jobs, or about 5 percent of the then 8,000-person workforce at the end of 2008. Sokol, who took over in August, is reorganizing a business that owns more planes than needed to serve companies and wealthy clients that are scaling back on travel amid the recession.

Earlier this year, NetJets started voluntary unpaid leaves of absence and early retirements to reduce costs and avoid firing pilots. The program was based on projections of a quicker economic recovery, according to the statement.

Berkshire rose $370 to $101,900 at 5:02 p.m. in New York Stock Exchange trading today. The shares have gained 5 percent this year.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

Last Updated: November 5, 2009 17:47 EST