Revenues fell 18% to US$496.1 million for the third quarter from US$606.9 million for the corresponding quarter
Flag carrier El Al Israel Airlines reported last week a fall in quarterly profit, as lower fares and a slaw cargo market reduced almost a fifth off its revenues.
El Al posted third-quarter net profit of US$12.3 million,compared with profit of US$31 million a year earlier.
Revenues fell 18% to US$496.1 million for the third quarter from US$606.9 million for the corresponding quarter. Average revenue per passenger fell 20%, mostly because of lower prices for business and tourist class passengers. The air cargo market also plummeted. It noted that its load factor increased 6% points to 85% in spite of higher capacity from foreign carriers. El Al said its market share at Ben-Gurion International Airport rose to 35% from 33% a year ago.
The Central Bureau of Statistics reports that imports by air cargo fell 14%, compared with the corresponding quarter, to 5,000 tons in the third quarter, and exports by air cargo fell 15% to 6,000 tons. Jet fuel expenses fell 37% to $136 million.
Haim Romano, El Al's president, said in a statement that “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”.
