Israeli flag carrier El Al reported Wednesday that second-quarter net profit more than doubled, as the airline continues to capture a significant share of travel to and from Tel Aviv. Many foreign carriers have not yet resumed flights to Israel following regional instability this year after the February 28 U.S. And Israeli attack on Iran.
The airline posted net profit of $132 million in the second quarter, compared with $66 million in the same period a year prior. El Al reported a $55 million loss attributable to the war.
Second-quarter revenue climbed 27 percent to $986 million from $777 million in the prior-year quarter.
"We are entering the second half of the year from a position of financial strength, with a solid balance sheet and high liquidity," Said El Al's Chief Financial Officer Gil Feldman.
The carrier reported a $1.4 billion order backlog from advance bookings and plans to increase seat capacity by up to 10 percent in the third quarter.
When the war began five months ago, Israel's airspace closed to civilian traffic, leading all airlines to cancel flights. After an April 8 ceasefire, El Al restored full operations as international carriers gradually resumed service.
El Al and Israel's two other major carriers operate roughly 70 percent of passenger traffic at Israel's primary international airport, according to the Israel Airports Authority.
With U.S. Carrier service to Israel suspended until September, El Al holds a dominant position on the busy New York route during summer travel season, where limited capacity and strong demand have driven transatlantic fares higher.
