El Al arrives at profit

During the second quarter, it continued to emerge from the economic crisis that began in late 2009.

El Al Israel Airlines Ltd. (TASE: ELAL) posted a net profit of $14.8 million for the second quarter of 2010, compared with a net loss of $19.7 million for the corresponding quarter of 2009.

Revenue rose 24.8% to $498.5 million for the second quarter from $399.4 million for the corresponding quarter. Cost of sales rose 3% to $49.1 million for the second quarter from $47.6 million for the corresponding quarter, amounting to 9.8% of turnover.

El Al said that, during the second quarter, it continued to emerge from the economic crisis that began in late 2009. Both passenger traffic and cargo increased during the second quarter.

El Al CEO Aharon Shkedi said, "During the second quarter, the airline coped with the Icelandic volcanic ash cloud, which disrupted air traffic across Europe. El Al ran an air train to bring back from five European airports Israeli residents who wanted to return home for Memorial Day and Independence Day. I wish to thank all the airline's ground and air crews in Israel and overseas whose quality, determination, and dedication enabled us to stabilize and lead the airline."

Published by Globes [online], Israel business news - www.globes-online.com - on August 18, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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