Shkedy: Airline stabilized
Photo: Yonatan Bloom
El Al: Profits up by 245%
Israel's major airline reports net gains of $42.5 million in third quarter of 2010
El Al Israel airlines announced Wednesday its net profit rose 245% in the third quarter of 2010, bringing net gains up to $42.5 million.
A company report said overall profits had risen to $561.2 million, a 13% increase from the third quarter of 2009.
Gains from passengers rose as well, due to a rise in number of travelers as well as profits from baggage, which rose 34%. The company also reported gains from servicing foreign agents as well as sales of duty-free items.
El Al's occupancy in airports dwindled slightly, however, coming to 83.8% from the 85.1% recorded last year. El Al's market share was 34%, in comparison with 34.7% last year.
El Al CEO Elyezer Shkedy said the airline had "stabilized since the beginning of the year and succeeded in shifting tendency and direction".
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