El Al swings to a profitable 4Q and 2010

El Al Israel Airlines (Tel Aviv) reported a profitable 2010 as well as for the fourth quarter of the year. In addition, El Al President & CEO Eleyzer Shkedy informed the Board of Directors that he would contribute 50% of his 2010 annual bonus to an “Excellence and Employees Fund” that would be awarded to El Al employees worldwide.

The annual net profit for El Al in 2010 is $57.1 million, as compared to a loss of $76.3 million in the parallel period of 2009. Gross profits for the year resulted in an increase of 83% to $387.7 million over 2009. The company’s overall revenue in 2010 totaled $1.97 billion as compared to $1.65 billion in 2009, a significant increase of 19%. Cash flow from regular activities in 2010 totaled $203.3 million (a remarkable jump of 807%) from $22.4 million in 2009. And, at the end of 2010, the shareholders’ equity doubled to $249 million, as compared to $124 million on December 31, 2009.

The net profit for the last quarter of 2010 was $16.3 million as compared to a $29 million loss in the same period of the previous year.

Copyright Photo: Richard Vandervord. Please click on the photo for the aircraft details.