El Al Israel Airlines: net profit of $12.6 million in Q2

Revenues rose 5.5% to USD$452.8 million. The carrier cut 8% of its personnel during the quarter - about 500 positions – and is continuing with its efficiency program
 
El Al Israel Airlines published last week its financial results for the second quarter, announcing far better results than expected. Net profit in the second quarter was USD$12.6 million, compared with a year-earlier net loss of USD$10.4 million.
 
A tax benefit of $5.8 million resulting from its accumulated losses boosted its final figure to $18.4 million, Revenues rose 5.5% to USD$452.8 million from USD$429 million a year earlier reflecting a growth in passenger revenues.
 
Operating expenses fell by about 2.5% from last year's quarter due mainly to an improvement in passenger load factors, which rose to 86.5% in the second quarter from 80.5% a year ago.
 
Haim Romano, El Al's president, said in a statement that the carrier cut 8% of its personnel during the quarter (about 500 positions) and "continued with its efficiency program, cut inefficient and unprofitable routes with high security expenses and increased frequencies on high-demand routes”.