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
By PLA Editor
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.