What Doesn't Fly On Saturday May Not Fly Off The BlockNeal Sandler
Throughout the market turbulence that has rocked most international carriers in recent years, Israel's national air carrier, El Al Israel Airlines, managed to remain profitable. Its high 72% load factor, sustained by heavy transatlantic tourist traffic, cushions many blows that have battered rivals. Now, however, El Al has hit a rough patch of its own. Fare-slashing competition on Atlantic routes that account for nearly half of revenues cut profits by 66% last year, to about $10 million on revenues of just over $1 billion. "It's been like the Wild West since the third quarter of last year," says El Al President Raphael Harlev.
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