El Al Q3 Profit Up As Tourism Rebounds

El Al reported a jump in quarterly profit, boosted by lower fuel costs and a rise in the number of passengers after tourism was hurt in 2014 by fighting with Hamas militants in Gaza.

Israel's flag carrier earned USD$93 million in the third quarter, up from USD$10.1 million a year earlier. Revenue grew 7.7 percent to USD$647.3 million, although the carrier was hit in the 2014 quarter by the Gaza war.

It noted that the number of tourists to Israel rose 36 percent in the third quarter from a year earlier.

Operating costs dipped 12 percent to USD$438.5 million, with fuel prices sliding 33.2 percent to USD$68.1 million.

El Al said its load factor in the third quarter grew to 86.3 percent from 82.1 percent.

Last month, El Al signed a deal to buy and lease 15 Boeing 787-8 and 787-9 Dreamliner aircraft in what is the airline's largest ever aircraft deal. The new planes will replace older 747-400 and 767 aircraft between 2017 and 2020.