Eliezer Shkedi: "a plan to reduce operating costs which were influenced by a continued sharp rise in fuel costs of about 47% versus the same period last year, as well as an appreciation of the shekel against the dollar."
El Al Israel Airlines, Israel's flag carrier posted a quarterly net loss of US$19.7 million, compared with a net profit of US$14.8 million in the corresponding 2010 period.
In a statement issued by the company it was noted that revenue gained 6% to US$530.5 million, with both passenger and cargo revenue up 6%.
The company noted that higher global oil prices raised its fuel bill 18% to US$183.5 million.
Its load factor was almost 81.1% up from 80.1% while its market share at Ben-Gurion International Airport was down to 33.5% from 37.7%.
Eliezer Shkedi, CEO of El Al airlines said in a press release that"We are working very hard to adjust the state of the company's business circumstances through a plan to reduce operating costs which were influenced by a continued sharp rise in fuel costs of about 47% versus the same period last year, as well as an appreciation of the shekel against the dollar."
