El Al announces record year in sales

Israel’s national carrier, El Al Israel Airlines, has reported its highest profits since the company began over sixty years ago. In 2007, the airline took in a cool $31.7 billion, a 16% rise from its 2006 statistics. To have achieved such a large profit margin amongst increased competition in the skies is remarkable indeed, not to mention the ever increasing cost of fuel.

President of El Al Israel Airlines Haim Romano says, “The ability of EL AL to show profits is the result of the determined effort to reduce expenses while increasing revenue, particularly through the growth engines the airline defined for itself, such as business passengers and increased tourism to Israel. All this, together with optimizing the fleet and reorganizing routes brought about this increase and resulted in record growth in revenues and higher load factors.”

Chairman of the board Izzy Borovich also commented, “EL AL is the leading player in the Israeli civil aviation market and remains the number one airline to and from Israel. The shareholders and management of EL AL continue to successfully implement the business strategy of the five-year plan, “EL AL 2010.” Past, present, and future investments total an unprecedented $1.1 billion which covers new state-of-the-art aircraft, upgrading the existing fleet, as well as improvements in the technological infrastructure. The Management of EL AL continues implementing its investment and efficiency programs and I believe that the airline’s financial strength allow us to invest in and achieve our targets.”

www.elal.co.il