El Al Israel Airlines published a report on its financial and operational performance in the second quarter of 2019. The company received $584 million USD in operating revenues and booked a gross profit of $110 million. It closed the quarter with an after-tax profit of $0.1 million, down more than 18% compared to the same quarter of 2019. The report noted that its revenue grew 7% due to better passenger yields and the timing of Passover.
The airline felt the positive impact of lower fuel prices which fell 9% from the first quarter. The lower cost—in tandem with the improved efficiency of its fleet—saved the airline $8.5 million.
The Israeli flag carrier is actively overhauling its long-haul fleet. This October, the airline will retire its three remaining Boeing 747 aircraft. El Al will focus on the Boeing 787 Dreamliner as the foundation of its network. By April 2020, the carrier will take delivery of its twelfth 787-9 aircraft and its first four 787-8 aircraft.
Gonen Usishkin, the company’s chief executive officer, underscored the importance of network expansion to his airline’s overall growth plan. It currently flies to 40 destinations and plans to add Chicago, Dublin, Dusseldorf, and Tokyo to its network.