EL Al managed to turn a minimal profit during the second quarter of 2019, reporting profits/of $84,000, after losing $18 million in Q1 of 2018. While El Al dropped to carrying 25.7% of the passengers in and out of Ben Gurion Airport, its income was $584 million in Q2, up 7% from a year earlier. This year, the Passover holiday fell in the second quarter and not in the first quarter, as it had the previous year.
Because of a change in accounting rules, El Al was forced to increase it stated financing costs by $11 million. El Al also gained from lower fuel costs, which decreased by $8.5 million. The decrease in the expense of jet operation is a function of both lower worldwide fuel costs and the introduction of the 787 into El Al fleet, replacing much less fuel-efficient aircraft. El Al recorded cash flows from operating activities, totaling approximately $110 million for the quarter, compared to approximately $56 million for the second quarter of 2018. As of June 30, 2019, The Company’s cash and deposit balances amounted to approximately $317 million.
