After the removal of all Covid travel restrictions, El Al Israel Airlines Ltd. (TASE:ELAL) has returned to full operations and profitability in the second quarter of 2022. Revenue in the second quarter of 2022 was $516 million, up 132% from the second quarter of 2021.
Due to the far higher revenue, gross profit was $66.3 million in the second quarter of 2022 compared with a gross loss of $19.7 million in the second quarter of 2021, when there were travel restrictions throughout much of the world. Operational profit in the second quarter was $9.4 million compared with an operational loss of $57.4 million in the corresponding quarter of 2021.
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Together with tax benefits worth $117.2 million, El Al reported a net profit of $110.5. In the second quarter of 2021, El Al had tax benefits of just $2.5 million and reported a net loss of $80.7 million.
Published by Globes, Israel business news – en.globes.co.il – on August 11 2022.
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