El Al profits drops 60 per cent
26 / 11 / 2009
EL AL Israel Airlines saw its profits drop 60 per cent in the third quarter, from US$31 million last year to $12.3 million this.
Revenue fell 18 per cent to $496.1 million, down from $606.9 million in 2008; cargo revenues by about 47 per cent. Imports fell 14 per cent to 5,000 tons, exports by 15 per cent to 6,000 tons.
“In a quarter where the ongoing financial crisis continued to affect world airlines and to cause huge losses, El Al managed to show a profit,” Haim Romano, El Al’s president.