Israeli flag carrier El Al announced Wednesday that it more than doubled its second-quarter net profit, as it continues to dominate travel to and from Tel Aviv amid the fallout from the war with Iran.
The strong financial results come as many foreign airlines have yet to resume flights to Israel due to the ongoing regional turbulence this year following the Feb. 28 U.S. and Israeli attack on Iran.
El Al reported a quarterly net profit of $132 million, up from $66 million during the same period last year. The carrier said it lost $55 million due to the war.
The airline’s revenue in the second quarter increased 27 percent to $986 million from $777 million a year earlier.
“We are entering the second half of the year from a position of financial strength, with a solid balance sheet and high liquidity,” said El Al’s Chief Financial Officer Gil Feldman.
The Israeli airline reported a $1.4 billion order backlog based on advanced bookings and intends to boost seat capacity by up to 10% in the third quarter.
When the war broke out five months ago, Israel initially closed its airspace to civilian traffic completely, forcing all airlines to cancel their flights. Following the April 8 ceasefire, El Al resumed its full normal operating schedule, with international carriers slowly resuming service.
Israel’s three major carriers, led by El Al, currently fly some 70 percent of the passengers at Israel’s main international airport, according to the Israel Airports Authority.
With U.S. carriers’ service to Israel suspended until September, El Al is again dominating the lucrative New York route during the busy summer season.
The limited availability and high demand have sent transatlantic airfares soaring anew.
