MIDDLE EAST: El Al sees cargo revenues plummet 46% in Ã¢â‚¬Ëœ09
El Al Israel Airlines has reported its fourth quarter and full year 2009 results revealing a 21 per cent drop in revenue to US$1.7 billion in 2009 from $2.1 billion in 2008, while the carrierÃ¢â‚¬™s net loss soared to $76.3 million from $41.9 million a year earlier. El Al said that its 2009 results were […]
April 1, 2010
El Al said that its 2009 results were affected by the global economic crisis that began in 2008, which reduced passenger and air cargo traffic, resulting in a surplus of seats and cargo space.
Cargo revenues declined by about 46 per cent compared to 2008, as a result of air cargo slowdown at Ben Gurion Airport and the drop in air cargo rates due to the global financial crisis; and El AlÃ¢â‚¬™s initiative to withdraw cargo operations from the Far East routes during the third quarter of 2008.