Revenue rose 21% to USD$420.5 million compared to US$ 346.7 million in the corresponding quarter last year
El Al Israel Airlines said last Wednesday its first-quarter loss narrowed due to higher revenue from passenger and cargo operations
Israel's national air-carrier posted a first quarter net loss of USD$16.5 million, down from a loss of USD$39.8 million for the corresponding quarter of 2009.
Revenue rose 21% to USD$420.5 million compared to US$ 346.7 million in the corresponding quarter last year.
El Al attributedthe higher revenue to an increase in passenger traffic and to higher yield per passenger/ kilometer.
Higher cargo traffic also boosted revenue from the cargo segment. Revenue from other items, including the leasing of planes and the provision of maintenance services to other parties, also increased.
The company said it had to cope with higher oil prices that increased jet fuel expenses 20% to USD$129 million.
Chief executive Eliezer Shkedy said "We are working to lower costs, to plan and execute a sound commercial policy, to reach new markets and develop growth engines in order to drive the company forward”.
Shkedy added, "We undertook a focused commercial strategy to improve revenue. We expanded activity, increased the number of seats, and boosted the number of passengers. The company continues to deal with competition, and achieved a market share of 40.2%.
El Al said its results were boosted by an 11% increase in revenue from its cargo business. Its load factor rose to 81% from 79% a year earlier, though its market share at Tel-Aviv airport slipped to 40.2% from 42.9%.
El Al posted a Q1 net loss of USD$16.5 million
Revenue rose 21% to USD$420.5 million compared to US$ 346.7 million in the corresponding quarter last year
31.05.10 / 00:00
•
More articles that may interest you
Israel & Croatia signed an agreement on customs cooperation
China Shipping Israel announced renewed service to Australia
IMD 2010 World Competitiveness Yearbook rankings: Israel is ranked 17th
Bank of Israel: May state of the economy index down 0.1%
CBS: Economic growth slows to 3.3% in Q1
ISC: Ports posted 17% throughput rise in Q1, 2010
More news from Air Transport Section
>EL AL may cut airport security services to Arkia, Israir/17.05.10
>IAA: April cargo movements at Ben Gurion International Airport up 13%/17.05.10
>Spanish low-cost airline Vueling to begin flights to Tel Aviv/10.05.10
>Transport minister Yisrael Katz approved Timna airport planning budget/10.05.10
>El Al Israel Airlines cancels order for four Boeing 777-200s/03.05.10
>El Al's leased 747-400 Freighter entered service/03.05.10
>El Al offers free cell phones to use in Israel, London & NY/03.05.10
>Israel and Greece signed renewed aviation agreement/26.04.10
>U.S and Israel reached agreement on Open Skies/26.04.10
>Korean Air to resume freighter flights to Israel/18.04.10