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Israeli flag carrier reports profit for 1st time since Covid

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Tel Aviv, Aug 12 (Ajit Weekly News) Israeli flag carrier El Al reported a quarterly profit for the first time since the outbreak of the Covid-19 pandemic in early 2020, the airlines announcement.

The announcement said that El Al recorded a profit of $100.5 million in the second quarter of 2022, compared to a loss of $80.7 million in April-June 2021, reports Xinhua news agency.

The airline’s revenues reached $799 million in the first half of this year, compared to $340 million in the same period last year.

El Al was almost shut down after the pandemic broke out in February 2020, and recorded a loss of $531 million that year and $431 million in 2021.

The airline carried out wide-scale efficiency-enhancing plans during the pandemic, including laying off thousands of workers.

The carrier also received massive government financial support.

The airline’s activity jumped sharply from the beginning of 2022 as Israel gradually removed most of its Covid-19 restrictions, the report noted.

–Ajit Weekly News

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