El Al reports 260% rise in 3rd quarter profits amid war
El Al, Israel’s national carrier, reported a 260% increase in third-quarter profits on Wednesday as most international airlines suspended flights because of the wars in Gaza and Lebanon.
An El Al plane takes off from Israel’s Ben Gurion International Airport Photo by Kobi Richter/TPS
The airline posted a $187 million profit for July-September, up from $52 million a year earlier, with revenue rising 43% to $1 billion. Planes were 94% full on average, compared to 88% last year. This follows last year’s pre-war period before the Hamas-led October 7, 2023, attack.
Most international airlines have suspended flights to Tel Aviv. El Al is currently the only airline offering direct flights between Israel and the US.
“El Al has been operating in an emergency mode for more than a year, with our goal being to ensure that the skies remain open between Israel and the world. This is a vital step for the continuation of business, economic and diplomatic activity in the country,” said El Al CEO Dina Ben Tal Ganancia. “Aviation is a central artery of life in Israel, and while other foreign airlines have not yet resumed operations, the market will continue to encounter challenges, and passenger demand will not stabilize”
Meanwhile, the Knesset’s Economic Affairs Committee is considering a request made by airline companies to amend the Aviation Services Law to make it easier for them to resume flights.
Israel’s Channel 12 News reported that the airlines have requested changes in regulations over reimbursing passengers for canceled flights. Specifically, they are seeking to have the notification period for canceled flights without compensation reduced from 14 days before departure to three. They have also requested price controls on substitute flight tickets.
