Israeli flag carrier sees highest quarterly revenue since Covid outbreak

IANS

Tel Aviv, 24 Nov 2022: Israeli flag carrier El Al brought in the strongest quarterly revenues in July-September since the Covid-19 outbreak in early 2020, according to a financial report issued by the airline.

 

The airline’s revenues in the third quarter (Q3) this year stood at $626 million, slightly below the pre-pandemic level of $647 million during the same period in 2019, but jumps almost 2.5 times year-on-year from Q3 2021, when the company earned $253 million, reports Xinhua news agency.

 

According to the report, the airline’s Q3 profit totalled $67 million, compared to a loss of $136 million in July-September last year.

 

Due to the pandemic, El Al’s losses reached $530 million in 2020 and $413 million last year.

 

The airline, which received massive government support and carried out wide-scale efficiency-enhancing plans, began to recover significantly in the second quarter of this year with the gradual removal of the ban on tourists entering Israel.