Printer Friendly

EL AL ISRAEL AIRLINES REPORTS $38.9 MILLION PROFIT IN 1991

 EL AL ISRAEL AIRLINES REPORTS $38.9 MILLION PROFIT IN 1991
 NEW YORK, April 20 /PRNewswire/ -- El Al Israel Airlines today


reported a net profit of $38.9 million for fiscal year 1991, its sixth consecutive net annual profit. Revenues increased by 12 percent as compared to 1990, amounting to $877.6 million; overall cargo tonnage amounted to 177,000 tons, a 5 percent increase over the previous year.
 The company's profits in 1991 included the contributing profits of its subsidiary companies, amounting to $8.1 million, and $2.2 million in revenue from the sale of a Boeing 707 aircraft.
 "In a year of crisis in the airline industry, when airlines suffered from a decline in passenger boarding, an increase in costs and excess capacity, El Al managed to weather the storm due to our highly efficient and flexible operation policies," said Leon Hasdai, El Al's vice president/general manager.
 During 1991, El Al inaugurated service to three new destinations: Moscow, St. Petersburg and Prague. The airline's on-time performance rose from 88 percent to 91 percent, and it averaged a load factor of 72 percent.
 Throughout the last 12 months, Israel's national carrier continued to expand and improve its service in the United States, taking the following steps:
 -- El Al announced that it will begin service from its newest gateway city, Baltimore, in June 1992; and service from Dallas next October;
 -- The airline announced an unprecedented number of flights for summer 1992, boosting its weekly flights between the United States and Israel to 18 (15 nonstop);
 -- El Al opened a new cargo terminal at the Miami International Airport in November 1991.
 In May 1991, El Al assisted in airlifting more than 14,000 Ethiopian Jews as part of "Operation Solomon," one of the most dramatic rescue missions in its history. One specially configured El Al 747 Boeing aircraft carried 1,087 Ethiopians (almost 2-1/2 times the normal number of passengers), setting an international aviation record.
 "We are very pleased with our performance in 1991, especially after the year's difficult beginning," said Hasdai. "During the Gulf War period, El Al was the only airline to operate direct flights to and from Israel. The war in the Persian Gulf caused an immediate downturn in tourist traffic to Israel, decreasing by a record 54 percent in the first six months of 1991. Fortunately, we have seen a recovery of passenger traffic since then, and expect a record number of passengers in 1992."
 El Al offers more nonstop service to and from Israel than any other carrier, servicing 37 cities worldwide. The airline has a global network of reservation offices in 67 cities with six major U.S. gateways in New York, Baltimore, Boston, Chicago, Los Angeles and Miami. El Al's United States headquarters is located at 120 West 45th St., New York, NY 10036; phone 212-852-0628.
 -0- 4/20/92
 /NOTE TO EDITORS: Leon Hasdai is available for interviews; call 212-852-0628 if you are interested/
 /CONTACT: Beth Walsh or Beth Kaufman of Dorf & Stanton Communications, 212-420-8100, for El Al; or Sheryl Stein of El Al, 212-852-0628/ CO: El Al Israel Arilines ST: New York IN: AIR SU: ERN


GK-LR -- NY065 -- 0133 04/20/92 14:07 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1992
Words:536
Previous Article:AT&T TO ANNOUNCE NEW SERVICE INVOLVING CHINA AND THE UNITED STATES
Next Article:PCI SERVICES COMPLETES ACQUISITION IN PUERTO RICO
Topics:


Related Articles
EL AL MAKES AIR TRAVEL MORE COMFORTABLE THAN EVER
EL AL Israel Airlines Brings Hurricane Relief.
El Al expects loss due to fuel costs and conflict - report.
Airline News - Africa / Middle East.
El Al reports sharp fall in net profit.
Airline Finance News - Africa / Middle East.
EL AL Israel Airlines Releases Best Ever Quarterly Financial Results.
EL AL Israel Airlines Shows Record 2007 Revenues of More Than $1.93 Billion and a Net Profit of $31.7 Million.
Airline Finance News - Africa / Middle East.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters