The Airlines reported a second-quarter net loss of US$6.2 million, narrowed from a US$19.7 million net deficit in the year-ago period
El Al Israel Airlines Ltd. reported last week that air cargo revenues in the second quarter of 2012 went down by 7.2% year-on-year to US$47.6 million. The Airlines reported a second-quarter net loss of US$6.2 million, narrowed from a US$19.7 million net deficit in the year-ago period, on a 3% year-over-year decline in revenue to US$516.8 million.
Revenues from passengers dropped by about 1%, the result of the decrease in the number of passengers and the devaluation of the euro vis-א-vis the dollar.
Gross profits during the second quarter grew to more than US$75 million compared to US$60 million in the same quarter in 2011. Operating expenses dropped by about 7%, totaling close to US$440 million. Direct sales via the internet and the El Al reservations center grew by almost 20% over the second quarter of last year.
Revenue totaled US$516.8 million, a drop of 3% this quarter as compared to the same period in 2011. The resulting cash flow is about US$14.1 million, bringing the total for the first half of this year to more than US$79 million. Cargo revenue dropped as compared to the same time period last year by approximately 7% for a total of US$47.6 million.
Cargo revenue fell 7.2% to US$47.6 million for the second quarter from US$51.3 million for the corresponding quarter, due to a reduction in the quantity of ton/kilometer. The airline's share of the cargo market rose to 32.4% in the second quarter from 31.5% in the corresponding quarter.
In a press release, El Al officials said these numbers are impressive, considering the economic challenges affecting global markets, the “open skies” policy and the surge in fuel prices.
