El Al: Profits Up By 245%


elalEl Al Israel airlines announced Wednesday its net profit rose 245% in the third quarter of 2010, bringing net gains up to $42.5 million. A company report said overall profits had risen to $561.2 million, a 13% increase from the third quarter of 2009.

Gains from passengers rose as well, due to a rise in number of travelers as well as profits from baggage, which rose 34%. The company also reported gains from servicing foreign agents as well as sales of duty-free items.

El Al’s occupancy in airports dwindled slightly, however, coming to 83.8% from the 85.1% recorded last year. El Al’s market share was 34%, in comparison with 34.7% last year.

El Al CEO Elyezer Shkedy said the airline had “stabilized since the beginning of the year and succeeded in shifting tendency and direction.”