Revenue rose 21% to USD$420.5 million compared to US$ 346.7 million in the corresponding quarter last year
El Al Israel Airlines said last Wednesday its first-quarter loss narrowed due to higher revenue from passenger and cargo operations
Israel's national air-carrier posted a first quarter net loss of USD$16.5 million, down from a loss of USD$39.8 million for the corresponding quarter of 2009.
Revenue rose 21% to USD$420.5 million compared to US$ 346.7 million in the corresponding quarter last year.
El Al attributedthe higher revenue to an increase in passenger traffic and to higher yield per passenger/ kilometer.
Higher cargo traffic also boosted revenue from the cargo segment. Revenue from other items, including the leasing of planes and the provision of maintenance services to other parties, also increased.
The company said it had to cope with higher oil prices that increased jet fuel expenses 20% to USD$129 million.
Chief executive Eliezer Shkedy said "We are working to lower costs, to plan and execute a sound commercial policy, to reach new markets and develop growth engines in order to drive the company forward”.
Shkedy added, "We undertook a focused commercial strategy to improve revenue. We expanded activity, increased the number of seats, and boosted the number of passengers. The company continues to deal with competition, and achieved a market share of 40.2%.
El Al said its results were boosted by an 11% increase in revenue from its cargo business. Its load factor rose to 81% from 79% a year earlier, though its market share at Tel-Aviv airport slipped to 40.2% from 42.9%.