El Al reports a jump in profits for 2004

El Al Israel Airlines reported a net profit of $33.1 million for 2004, its best annual financial result in five years and a significant increase over a net profit of $6.4 million in 2003. Revenues for the year rose 19% to $1.4 billion owing to a 15% increase in passengers and a 17% gain in revenue from its cargo business. The record revenue figure was achieved despite a significant surge in competition and rising fuel costs, which added $67 million to El Al's expenses in 2004. The ...