El Al Israel Airlines Ltd. (TASE: ELAL) today swung to profit on higher revenue in 2013, despite falling market share.
Full-year revenue rose 4.3% to $2.1 billion from $2.02 billion in 2012. Net profit was $25.4 million in 2013, compared with a net loss of $18 million in 2012.
Fourth quarter revenue rose 8% to $499 million from $463.9 million for the corresponding quarter, and net loss narrowed to $3.7 million from $26.1 million.
Cash flow from operations rose 137% to $185.3 million in 2013 from $78.3 million in 2012. Cash reserves rose to $99 million at the end of 2013 from $68.1 million at the end of 2012.
The average seat occupancy rate on flights rose to 82.9% in 2013 from 82.5% in 2012. The airline's market share at Ben Gurion Airport fell to 32.5% in 2013 from 33.6% in 2012. Its market share has fallen sharply from 41.7% in 2006. The workforce shrank to 5,890 employees at the end of 2013 from 5,920 a year earlier and 6,056 at the end of 2011.
The salary cost of outgoing El Al CEO Elyezer Shkedy was NIS 5.83 million in 2013, including NIS 2.21 million in basic salary and a bonus of NIS 3.62 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014