El Al Israel Airlines Ltd. (TASE: ELAL) swung to profit in the second quarter of 2019. The Israeli carrier reported revenue of $584 million, up 7% from the corresponding quarter of 2018, and net profit of $83 million, compared with a loss of $18 million in the second quarter of 2018.
The results were boosted by the fact that Passover fell entirely in the second quarter, while part of it was in the first quarter in 2018. Lower fuel prices and the stronger shekel also enhanced El Al's financial performance.
El Al's market share of operations at Ben Gurion airport in the second quarter of 2019 was 25.9% compared with 26.7% last year. However, occupancy of planes rose to 83.4% in the second quarter compared with 82.8% in the corresponding quarter of 2018.
Despite the profit in the second quarter, El Al still lost $55 million in the first half of 2019.
El Al CEO Gonen Usishkin said, "We have to fight for every dollar, to save every cent and ensure the profitability of every operation and every action that we undertake."
Published by Globes, Israel business news - en.globes.co.il - on August 28, 2019
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