El Al Israel Airlines said its fourth-quarter profit was partly boosted by bringing military reservists home and rivals canceling flights to Tel Aviv due to the war in Gaza.
El Al said on Thursday it earned $39.7 million in the October to December period, up from $8.5 million a year earlier, while revenue rose to $678.8 million, from $570.7 million.
The war against Hamas, which began on Oct. 7, "continues to have a dramatic impact on the Israeli economy, on the activities of the aviation sector and ... on El Al," the airline said.
Net profit for 2023 rose to $116.7 million from $109.4 million in 2022. Revenue hit a record $2.5 billion, up 26% versus 2022, while the flag carrier had a load factor of 84%.