Fri, Mar 28, 2008
Carrier Garners $31.7 Million Net Profit, After 2006 Loss
Israel's national airline, El Al,
the national airline of Israel, continues its profit trend, as
revenue rose by 16% in 2007 when compared with 2006, totaling
approximately $1.93 billion -- the highest revenue in the 60 years
that El Al has been in service.
Things were even brighter on the profit side, with a net profit
for 2007 of $31.7 million... compared to a 433.9 million loss.
Operational profit reached $71.4 million as compared to a loss of
$8.5 million in 2006. Revenue for the fourth quarter totaled $524.3
million, an increase of 26%, compared to the same quarter in 2006.
The 2007 cash flow totaled $231.2 million, an increase of 136%
compared to 2006.
In this day and age, any airline managing a record increase in
revenue is cause for celebration... but it's a truly notable
achievement by El Al, given a steep upsurge in competition in the
skies, the dramatic increase in fuel costs, the sharp drop of the
dollar to a low of 3.4 shekels, and geopolitical conditions
worldwide... especially conditions in the Middle East.
"The ability of El Al to show profits is the result of the
determined effort to reduce expenses while increasing revenue,
particularly through the growth engines the airline defined for
itself, such as business passengers and increased tourism to
Israel," stated Haim Romano, President, El Al Israel Airlines. "All
this, together with optimizing the fleet and reorganizing routes
brought about this increase and resulted in record growth in
revenues and higher load factors."
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