EL AL Israel Airlines reports Q2 2019 revenues of USD 584m

EL AL Israel Airlines Ltd. (TASE: ELAL) has reported revenues for the second quarter 2019 was approximately USD 584 million, compared to approximately USD 547 million for the second quarter of 2018, an increase of about 7%, the company said.

The company recorded a net profit of USD 83 thousand for the second quarter of 2019, compared to the loss of USD 18 million recorded for the second quarter of 2018; the improvement in results was attributable to the increase in revenues and a decrease in operating expenses.

The company recorded cash flows from operating activities totaling approximately USD 110 million for the quarter, compared to approximately USD 56 million for the second quarter of 2018. The Company´s cash and deposit balances as of June 30, 2019 amounted to approximately USD 317 million.

During the second quarter of 2019, the company launched new routes to San Francisco, Las Vegas and Manchester, additional to the new routes to Tokyo and Chicago, which are expected to operate from March 2020.

The company announced the launch of new routes to Dublin and Dusseldorf, which will operate from summer 2020.

El Al Israel Airlines Ltd. is the flag carrier of Israel. Since its inaugural flight from Geneva to Tel Aviv in September 1948, the airline has grown to serve over 50 destinations.