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            september 21, 2019

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El Al's cargo sales off 7.2pc


Israeli flag carrier El Al Israel Airlines has posted a 7.2 per cent decline in second quarter cargo revenue to US$47.6 million year on year as a net profit loss narrowed to US$6.2 million from $19.7 million last year, according to the Shipping Gazette. 
Total El Al revenue fell three per cent to $516.8 million. Revenue from passengers dropped one per cent because of a decrease in volume and the devaluation of the euro against the dollar.
Gross profits during the second quarter grew to more than $75 million compared to $60 million in the same quarter in 2011. Operating expenses dropped seven per cent, totalling $440 million.
Direct sales via the Internet and through the El Al reservations centre grew 20 per cent over the second quarter of last year.
Cargo revenue declines were attributed to a reduction in the quantity of ton/kilometres as the airline's share of its designated cargo market rose to 32.4 per cent in the second quarter from 31.5 per cent in the corresponding quarter last year.
El Al officials said these numbers are impressive, considering the economic challenges affecting global markets, the "open skies" policy and the surge in fuel prices.

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