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El Al: 245% surge in third quarter net profit

El Al's revenue rose 13% to $561.2 million for the third quarter from $496 million for the corresponding quarter. Net profit in the quarter increased to US$42.5 million
23.11.10 / 00:00
El Al: 245% surge in third quarter net profit
23.11.10
El Al: 245% surge in third quarter net profit

El Al's revenue rose 13% to $561.2 million for the third quarter from $496 million for the corresponding quarter. Net profit in the quarter increased to US$42.5 million
 
El Al Israel Airlines Ltd.posted a 245% surge in third quarter net profit as passenger and cargo revenue rose.El Al's revenue rose 13% to $561.2 million for the third quarter from $496 million for the corresponding quarter.
 
Net profit in the quarter increased to US$42.5 million from US$12.3 million a year earlier. Cargo revenue grew 34%.Net profit was also boosted by a decline in financing expenses.  El Al's share of international scheduled flights and charter flights from Israel fell to 34% in the third quarter from 34.7% in the corresponding quarter.
 
Average plane occupancy rate fell to 83.8% in the third quarter from 85.1% in the corresponding quarter. In the 2009 quarter El Al was hit by the global financial crisis, a moribund cargo market and lower fares.
 
The airline had cash flow of US$46.6 million compared with negative cash flow of US$18.8 million a year earlier. Its cash balance of US$191 million "provides a good platform that will assist us in taking advantage of opportunities and in developing growth engines and additional revenue sources" El Al chief executive Elyezer Shkedy said in a statement.

 

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