Israeli carrier El Al moves to Q3 profit, revenue near pre-COVID level

El Al Israel Airlines reported on Wednesday its second straight quarterly net profit, saying its revenue was almost on pace with pre-COVID pandemic levels. Helped by a $38m one-time gain from the partial sale of its frequent flier club, and despite a 33% annual rise in fuel costs, Israel's flag carrier said it earned $67m in the third quarter, compared with a $136m loss a year earlier. As a result, auditors removed a going concern warning. Revenue rose to $626m from $253m - close to a level of $647m in Q3 of 2019. Its load factor was 87.4% in the quarter, up from 70.3% a year earlier. The airline, which has seen its market share shrink with the entry of foreign carriers, said it would soon complete a new growth strategy. El Al has also paid back a $45m loan that it took from the government during the COVID-19 pandemic. During the quarter, Israeli insurer Phoenix bought 20% of El Al's frequent flier programme for $14m.<br/>