EL AL, the national airline of Israel, is announcing successful financial results for the third consecutive quarter this year. The net profit is $42.5 million as compared to a $12.3 million net profit in third quarter of last year, an increase of 245%.
The company’s overall revenue grew by 13%, totaling $561.2 million as compared to $496.1 million in the parallel period in 2009. The cash flow from operating activities this year in the third quarter totaled $46.6 million as compared to a negative cash flow of $18.8 million in the same time period in 2009.
EL AL President/CEO Elyezer Shkedy attributes this financial success to an improvement within all segments of EL AL worldwide operations, including cargo activity, which experienced a growth of almost 35% in this quarter as compared to the same quarter last year.
In addition, Shkedy says, “Cultivating growth engines via cooperation agreements with other passenger airlines plus expanding activities and strengthening our relationships in the maintenance, commerce and tourism sectors are other key factors. Another contributing factor is the inauguration this past summer of new nonstop flights between Eilat and Ben Gurion International Airport which resulted in greater passenger traffic on EL AL. Looking to the future, the positive cash flow will provide a solid basis to further develop the airline.”
Offer Gat, Vice President/CEO, EL AL Airlines, North and Central America states, “The new agreement with JetBlue Airways signed during this quarter is a significant addition to the EL AL route map. We can now offer EL AL customers originating in 35 additional cities more savings, more convenience, and a seamless connection to any EL AL nonstop flight to and from Israel.”