El Al Israel Airlines sinks to a second quarter loss of $19.7 million, will drop Sao Paulo

El Al Israel Airlines (Tel Aviv) reported a loss of around $19.7 million (US) in the second quarter of 2011. The company attributed the swing to the red due to a 47% increase in the price of aviation fuel, and the 9% increase in the value of the shekel versus the dollar. These changes increased the company’s costs by about $80 million before hedging, compared to the same quarter in 2010.

El Al also announced its intention to utilize more its fuel-efficient 777s as the company trims non-productive routes. El Al is also planning to remove older less fuel-inefficient aircraft from service and to add Blended Winglets to other aircraft.

El Al Slide Show: CLICK HERE

Copyright Photo: Marcelo F. De Biasi. Boeing 777-258 ER 4X-ECB (msn 30832) completes its final approach into Sao Paulo (Guarulhos). El Al is dropping Sao Paulo on November 10, 2011.