El Al Israel Airlines' Q3 Profit Drops After Stake Sale Deal Fails
What happened
A deal to sell a stake in ICC-CAL to George Horesh and the Harel insurance group failed. Consequently, El Al Israel Airlines wrote down the value of its stake, which cut $13.4 million from its third-quarter results. The airline reported record third-quarter revenue of $1.27 billion, though net profit dropped 14% to $172.2 million.
From theyeshivaworld.com
Why it matters
The failed sale contributed to the decline in net profit, despite the carrier maintaining a dominant 38% market share at Ben Gurion Airport. El Al Israel Airlines also noted that rising fuel prices and a stronger shekel against the dollar added $135 million to its costs during the quarter.
From theyeshivaworld.com
Who's involved
- George HoreshInvolved in the failed deal to purchase a stake in ICC-CAL
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The entities involved
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George Horesh
Israeli businessperson
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Ben Gurion Airport
main international airport of Israel