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El Al Airlines posts higher Q2 profit as jet fuel costs fall

The airline's profit grew 6.2% to US$17.3 million from US$16.3 million in the corresponding quarter of 2014
09.08.15 / 10:50
El Al Airlines posts higher Q2 profit as jet fuel costs fall
09.08.15
El Al Airlines posts higher Q2 profit as jet fuel costs fall

El Al reported its financial results for the second quarter of 2015. Profit before tax in the quarter amounted to approximately US$23.6 million; net profit in the quarter amounted to US$17.3 million. Profit grew 6.2% to US$17.3 million from US$16.3 million in the corresponding quarter of 2014.

 

Revenues in the quarter totaled approximately US$510.6 million compared to US$571.5 million last year. Revenue fell 10.7% compared with the corresponding quarter.

 

The Company's cash balance and deposit amounted to US$ 186.2 million; The company noted that its quarterly operating costs fell 12.3% to US$408 million as jet fuel expenses shrank by US$53.5 million.

 

El Al's market share at Ben-Gurion International Airport rose to 32.7% in the second quarter from 31.9% a year earlier but fell from 35.4% in the first quarter. The airline said it would pay a dividend of NIS94.2 million (US$24.8 million), or 0.19 shekel a share, later this month.

 

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