El Al Israel Airlines Ltd. (TASE: ELAL) posted a net profit of $57.1 million in 2010, compared with a net loss of $76.3 million in 2009. Revenue rose 19% to $1.97 billion in 2010 from $1.66 billion in 2009.
Shareholders' equity was $249 million at the end of 2010, double the figure for a year early. Cash flow from operations rose nine-fold to $203.3 million in 2010 from $22.4 million in 2009.
El Al said that, due to the swing to profit, and pursuant to the collective labor contract signed with the workers committee in 2008, it will raise salaries by 3%.
El Al CEO Eliezer Shkedi told the board of directors that he has decided to transfer to a fund for airline employees, which will be set up this year, 50% of his gross annual bonus of NIS 5.7 million for 2010.
El Al's share price rose 1.4% in morning trading to NIS 1.40, giving a market cap of NIS 679 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2011
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