El Al Israel Airlines (Tel Aviv) reported a net loss for 2011 of $49.4 million, compared to a profit of about $57 million in 2010. For the fourth quarter, El Al reported a net loss of $7.8 million, compared to a profit of $16.3 in the same quarter last year. The cash balance available to the Company at the end of 2011 totaled $85.4 million.
El Al implemented a number of steps to reduce its expenses, including optimizing its aircraft fleet and re-examining its route structure and destinations. One of the results was the airline stop flying to Sao Paulo, Odessa and Dnepropetrovsk. The flag carrier is also reducing the number of aircraft types in its fleet and is removing older aircraft from service. A cargo Boeing 747-200 went out of service this past summer; two passenger 767-200s stopped flying at the end of 2011, and two leased 757s were returned to their owners. As a result, this reduce the number of aircraft types operated from six to four.
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Copyright Photo: Michael B. Ing.
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