TEL AVIV (Jun. 28)
El Al, Israel’s national airline, reported an IL 1 million profit for fiscal 1972-73 today but said that it fell below expectations.
According to former Transport Minister Moshe Carmel, chairman of the El Al board of directors, the fiscal year Just ended could have been much better except for a. 3.1 percent decline in tourism, sharp competition, rising costs and labor troubles.
Carmel said these and other factors eliminated the IL 7 million profit that had been forecast. Nevertheless, the airline was in the black for the 14th consecutive year.
Carmel said tourism to Israel was 12 percent below the level forecast by the Ministry of Tourism. According to the annual report submitted to the bard today, El Al’s passenger volume increased by 5 percent –714,000 in 72-73 compared from 691,000 but the load factor declined from 68-63 percent. The report attributed the decline to the introduction of Jumbo Jets. According to the report. El Al accounts for 38% of all airline seats available to and from Israel.