Israir Group prepares for expansion as it turns in first-half profit

Israir Group is citing higher demand, expansion of its network and implementation of technological changes for an improvement in its first-half results. The Israeli company generated a pre-tax profit of $7.2m for the six months to 30 June. Israir Group has disclosed revenues of $198m, up from the previous interim figure of $140m, while it limited expenditure for the period to $174m. Along with general higher levels of activity, it says, changes on the domestic route to Eilat have resulted in the loss-making service transforming into a profitable one. Israir Group’s financial statement also shows that the company benefited from additional income relating to updated provisions from its former ATR aircraft spares inventory, as well as a Greek hotel property deal. Q2 net profit of $4.85m enabled the company to turn in a first-half net profit of $7.7m. The company is to expand its fleet next year with the addition of another pair of Airbus A320s, each dry-leased for seven-and-a-half years. When the twinjets arrive in Q2 2024, they will take the fleet to eight owned or dry-leased A320s, complemented by three wet-leased aircraft. The aircraft are being sourced through a “foreign company”, with which Israir signed a memorandum of understanding on 11 August.<br/>