Economy
El Al reports record revenue as net profit declines
El Al reported record third-quarter revenue of $1.27 billion, up 18%, according to the company's results. Net profit fell 14% to $175 million, mainly because of a one-time expense. The company announced another dividend of about $116 million; the payment has not been reported as completed. El Al aircraft, illustrative archive photo: Yossi Aloni / Flash 90.
· Source: N12. El Al aircraft, illustrative archive photo: Yossi Aloni / Flash 90.
According to N12's report on the company's third-quarter results, El Al's revenue rose 18% to $1.27 billion. Net profit fell to $175 million, and another dividend was announced.
The figures cited in the report show net profit declining 14% from the same quarter a year earlier, when it totaled $203 million. The decline is attributed mainly to a one-time expense of about $24 million from revaluing options.
The company announced a dividend of about $116 million, its second this year. This is an announcement of a distribution, not a report that the money has already been paid. Seat capacity grew 9%, while the load factor remained around 95%.
CEO Levi Halevy said demand remained high and bookings stood at about $1 billion. These are bookings reported by the company, not profit already recognized.
Source: N12
