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El Al Reports $877,000 Profit for Fiscal Year; Will Expand Service

The El Al Israel Airlines ended its 1960-61 fiscal year with a profit for the second straight year, the company reported here today. This year’s profit, which amounted to 1,567,000 pounds ($877,000), compared to earnings last year of 60,000 pounds ($34,000).

The airline began the past fiscal year with four jet prop Britannia and four Constellations and is now operating tow Boeing 707 Jetliners, four Britannias and two Constellations, the report stated. The remaining two Constellations will be taken out of service next month with the Britannias scheduled to be replaced by Boeing 720-B medium range jetliners already ordered.

The Export-Import Bank has already approved a $12,700,000 loan to cover 80 percent of the purchase cost of the new planes. El Al is expected to open new routes to Geneva and Frankfurt in the near future, the report disclosed.