EL Al profit drops by half within space of a year

November 23, 2011 10:35

Airline company El Al published Wednesday morning its financial report for the third quarter, recording a $21 million profit, only half of the  $42.4 million dollar profit it made in the corresponding quarter last year, Globes reported. 

The company attributed the two central causes of the drop in revenue to to the sharp increase in the cost of jet fuel and a drop in the number of passengers flying.

El Al announced that following the report, CEO Eliezer Shakedi, and Chairman Amikam Cohen would cut 20 % of their own monthly salaries. 

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