El Al Profits Skyrocket

11th Dec 2003

El Al said it generated the best quarterly results in 10 years for the three months ended Sept. 30.
In its second financial report since shares were floated on the Tel Aviv Stock Exchange earlier this year, the Israeli carrier said quarterly earnings reached $60.9 million, up 42% over the $42.7 million profit in the year-ago period. Revenues rose 39% to $370.1 million while operating profit grew to $55.9 million compared with a $26.2 million operating loss in the same period last year.
Excluding the effects of exchange rate fluctuations, El Al posted a net profit of $12.4 million in the nine months to Sept. 30 versus a net profit of $5.1 million for the prior-year period. Chairman Michael Levi cautioned that fourth-quarter results will be less favorable than the third-quarter improvement owing to seasonal factors.—Leonard Hill



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