Reported 4 months ago
El Al Israel Airlines reported a significant profit increase in the first quarter, reaching $80.5 million compared to a loss of $34.4 million the previous year, as revenue surged by 48% to $738 million and passenger load factor increased to 93%. The CEO urged foreign carriers to resume flights to Israel to alleviate pressure on El Al, which has been handling all passenger traffic due to other airlines halting flights during the conflict with Hamas. Despite criticism of high airfares, the CEO explained that the prices reflect supply and demand dynamics, with half of El Al's passengers paying less than the average price in 2023. El Al's market share has risen to 56% for the first four months of 2024, showing an 18% increase in passengers compared to 2023.
Source: YAHOO