El Al's Q3 profit up

El Al's Q3 profit up

The carrier's profits were US$93 million in the third quarter, due to revenue of US$647.3 million
22.11.15 / 10:39
El Al's Q3 profit up
22.11.15
El Al's Q3 profit up

 

 

 

El Al Israel Airlines Ltd. has reported strong results in its financial report for the third quarter of 2015. Israel's flag carrier, earned US$93 million in the third quarter, up from US$10.1 million a year earlier.

 

Revenue grew 7.6% to US$647.3 million, although the carrier was hit in the 2014 quarter by the Gaza war.

 

The jump in quarterly profit was boosted by lower fuel costs and a rise in the number of passengers. The report noted that the number of tourists to Israel rose 36% in the third quarter from a year earlier.

 

Its performance was aided by a 12% fall in expenditure to $ 438 million – to which the decline in fuel prices contributed – which enabled the airline to double its gross profit. Fuel prices slided 33.2% to US$68.1 million.

 

El Al CEO David Maimon said, "Alongside the boost we received from lower fuel prices, the company also grew its commercial operations. Passenger traffic grew by 12.7% and plane occupancy was 86.3% in the third quarter compared with 82.1% in the corresponding quarter last year."

 

Its third-quarter figures enabled El Al to achieve a pre-tax profit of US$128 million for the first nine months of the year, turning around a previous US$18 million loss.

 

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