EL AL reports 2nd quarter net loss of $19.7m

El Al released that revenues for the 2nd quarter of 2011 grew by about 6%, to $530.5m. The 47% increase in the price of aviation fuel, and the 9% increase in the value of the shekel in comparison to the dollar, increased the Company’s costs by about $80m before hedging, compared to the parallel quarter of last year. The Company reported a second quarter of 2011 net loss of $19.7m, compared to a net profit of $14.8m in the parallel quarter of 2010. Cash flow from regular activities during the second quarter of 2011 totaled to $20.2m.