El Al Israel Airlines ltd. posted a 54% rise in third-quarter net profit, boosted by higher revenue and by efficiency measures as the company continued to cut its workforce.
The carrier reported US$643.29 million revenue, up 6% or US$37.52 million from the corresponding quarter - the highest in five years. Gross profit rose 11% to US$159.74 million and net profit soared 54% or US$20.31 million to USD$57.86 million. Sales expenses were US$56.41 million for the quarter. Passenger revenue grew 6.1% while cargo revenue dipped 0.8%.
Other figures released by the carrier showed that the flight load factor - a measure of seats sold - remained stable at 84.8% in the third quarter, while El Al's market share at Ben Gurion International Airport fell 5% to 30.2%.
At the end of the third quarter, El Al had 6,109 employees of whom 3,786 have permanent contracts. Chief Executive Elyezer Shkedy said that El Al is in the process of renewing its fleet and received the first of eight narrow-body 737-900s purchased from Boeing Co in October.