El Al posts 2004 profit
Israeli airline El Al reported a profit of $33.1 million for 2004, up 421 percent from $6.4 million in 2003, on revenue of $1.4 billion.
The airline achieved its best result in five years despite a fourth quarter in which El Al lost $25.9 million compared with a profit of $9.6 million in the same period in 2003. El Al attributed the loss to a steep rise in fuel prices, which now account for 24 percent of total expenses. Fuel expenses for the full year rose $67 million.
The former national airline, which recently was privatized and trades on the Israeli stock exchange, recorded a 17 percent increase in cargo revenue.