El Al reduces second quarter losses to $6.2m

Tel Aviv
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El Al has reduced its losses in the second quarter of 2012 to $6.2 million, compared with $19.7 million in Q2 2011.

Revenues for the quarter to 30 June totalled $517 million - down 2.7% from the $531 million recorded during the same period last year.

Cargo revenues totalled $47.6 million, compared with $51.3 million in the same quarter last year.

El Al's market share in the second quarter of this year was 33.7%, which remained broadly unchanged from 33.5% in Q2 2011.

For the first half of 2012, El Al lost $29.7 million compared with $62.6 million in the first half of last year.

El Al says it remains opposed to an open skies agreement with Europe, arguing that without special conditions it would cause greater losses for the Israeli flag carrier.