JERUSALEM, May 29 (Xinhua) — Israel’s leading airline El Al on Wednesday reported its financial results for the first quarter of 2024, with record revenue of 738 million U.S. dollars.
A financial report submitted by the airline to the Tel Aviv Stock Exchange showed that its first-quarter revenue increased by 48 percent year-on-year and 9 percent from the previous quarter.
According to the report, the high revenue is the result of high demand with a sharp decrease in the activity of foreign airlines at Ben Gurion International Airport since the outbreak of the latest Israeli-Palestinian conflict on Oct. 7 last year.
The report noted that the airline’s market share reached 62 percent in the first quarter, compared to 22.1 percent in January-March 2023, with a seat occupancy rate of 92.6 percent.
The airline’s profits reached 80.5 million dollars in the first quarter, compared to a loss of 34.4 million dollars in the same quarter of 2023, said the report. ■