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Israel's El Al profit soars as foreign carriers cancel flights during war
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Israel's El Al profit soars as foreign carriers cancel flights during war
Aug 15, 2024 12:57 AM

JERUSALEM, Aug 15 (Reuters) - El Al Israel Airlines

reported a nearly 150% jump in quarterly profit on

Thursday, taking advantage of its often near-monopoly status as

many foreign carriers have cancelled flights due to the

Israel-Hamas war in Gaza.

Israel's flag carrier posted a second-quarter net profit of

$147 million, up from $59 million a year earlier and prior to

the war that began on Oct. 7.

Revenue rose 33% to $839 million, while its passenger load

factor rose to 92% from 87%, even as it expended capacity by 8%.

Separately, El Al announced a deal with Boeing ( BA ) for

the purchase of up to 31 737 MAX aircraft worth as much as $2.5

billion.

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