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El-Al Airlines reports net profit $25.4 million in 2013

Fourth quarter revenue rose 8% to US$499 million and net loss narrowed to US$3.7 million
23.03.14 / 10:08
El-Al Airlines reports net profit $25.4 million in 2013
23.03.14
El-Al Airlines reports net profit $25.4 million in 2013

El Al Israel Airlines Ltd. reported that the company's net profit in 2013 was US$25.4 million, compared to a loss of US$18 million in 2012.

 

The swing to profit was, according to the company's statement, on higher revenue in 2013, despite falling market share. Full-year revenue rose 4.3% to US$2.1 billion from US$2.02 billion in 2012.

 

Net profit was US$25.4 million in 2013, compared with a net loss of US$18 million in 2012. The company's expenses grew 3% from US$1.70 billion to US$1.75 billion.

 

The company's operating revenue: US$2,103 million, +4.3% year-on-year; operating costs: US$1,754 million, +3%; operating profit: US$38.0 million, +205%; net profit: US$25.4 million; passenger numbers: 4.4 million, +4%; average seat occupancy rate on flights rose to 82.9% in 2013 from 82.5% in 2012.

 

The airline's market share at Ben Gurion Airport fell to 32.5% in 2013 from 33.6% in 2012. Its market share has fallen sharply from 41.7% in 2006; load factor: 82.9%, +0.4 ppt; cargo volume: 92,800 tons; total assets: US$1567 million;

 

Fourth quarter revenue rose 8% to US$499 million from US$463.9 million for the corresponding quarter, and net loss narrowed to US$3.7 million from US$26.1 million.

 

Elyezer Shkedy, President and CEO, noted that “In 2013 the Company dealt successfully with the intensified competition which was reflected in the 9% traffic increase at Ben Gurion Airport. El Al increased its seat capacity on offer by about 5%. Passenger load factors stood at about 82.9%,”

 

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