El Al profits see massive drop due to summer war with Hamas

By
November 25, 2014 18:24

El Al's third quarter profits fell from $57.9 million last year to $10.1m this year following the war with Hamas in Gaza, which spanned 50 of the 92 days in the quarter.

"The third quarter results reflect the effect of Protective Edge," said El Al CEO David Mimon, using the IDF's name for the summer operation.

During the war, a rocket that landed near Ben Gurion Airport led to a 36-hour flight ban from the American Federal Aviation Authority, as well as warnings from Europe's aviation regulator. El Al continued to fly, even adding extra flights to help Israelis stranded abroad return home, though it was also accused of price gouging during the sensitive period.


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