El Al swings to net loss in 2Q2011. Shake-up in Israeli market ahead?
El Al Israel Airlines swung to a net loss of USD19.7 million in the three months ended 30-Jun-2011 (2Q2011) from a USD14.8 million net profit in 2Q2010, as costs grew at nearly three times the rate of revenue. The Tel Aviv-based carrier felt the impact of increasing fuel costs, a stronger shekel and rising competition in the quarter, prompting CEO and President Elyezer Shkedy to note that the company is working to adapt its strategies to meet challenging commercial realities.
