Israel’s El Al Launches New Routes as Profits Soar
El Al, Israel’s national airline, said on Wednesday that it is adding new routes to the Mediterranean, after reporting strong growth in revenue and profit for the third quarter, Israeli business daily Globes reported.
El Al’s new destinations will include one weekly flight to Venice, Italy and two weekly flights to Larnaca, Cyprus.
In the third quarter, the carrier reported revenue of $643.29 million, up 6% from a year earlier. Gross profit rose 11% to $159.74 million and net profit soared 54% to $57.86 million. Figures released by the carrier showed that its flight occupancy rate remained stable at 84.8%.
The strong results come as Israel reports record tourism in October, and after a strong Summer, despite the military conflicts in the region.