EL AL REPORTS Q2 LOSS

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By TESTCustomwebLP TESTCustomwebLP August 19, 2011 08:45

EL AL REPORTS Q2 LOSS

El Al Israel Airlines has reported a second-quarter net loss of $19.7 million, reversed from a $14.8 million net profit in the prior-year period.

Quarterly costs rises were to blame which amounted to $470.2 million. El Al said in a statement, “Most of the increase stemmed from the costs of aviation fuel, which totaled $183.5 million [up 17.9%] … The company’s expenditure on jet fuel increased largely as a result of the sharp increase—about 47%—in the average price of the fuel, compared to the parallel quarter last year: from 227.4 cents a gallon to 334.6 cents a gallon.”

Second-quarter revenue lifted 6% to $530.5 million.

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By TESTCustomwebLP TESTCustomwebLP August 19, 2011 08:45
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