El Al launches new routes as profit soars

The carrier's profit rose 54% in the third quarter as it announced new lines from Tel Aviv to Venice and Larnaca.

El Al Israel Airlines Ltd. (TASE: ELAL) this morning reported growth in revenue and profit for the third quarter of 2013.

The carrier reported $643.29 million revenue, up 6% or $37.52 million from the corresponding quarter. Gross profit rose 11% to $159.74 million and net profit soared 54% or $20.31 million to $57.86 million. Sales expenses were $56.41 million for the quarter.

Other figures released by the carrier showed that the flight occupancy rate remained stable at 84.8% in the third quarter, while El Al's market share at Ben Gurion Airport fell 5% to 30.2%. At the end of the third quarter, El Al had 6,109 employees of whom 3,786 have permanent contracts.

Regarding its fleet, El Al said that in October it received delivery of its first new Boeing 737-900 passenger aircraft with a second such plane due to be delivered in December, and six more Boeing 737-900s to be delivered by February 2016.

The company added that it was expanding the range of destinations that it offers and from this month it is offering new lines to Venice, Italy and Larnaca, Cyprus. At present there will be one weekly flight to Venice and two weekly flights to Larnaca.

Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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