El Al halves third-quarter net profit

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Israeli flag-carrier El Al's net profit halved in the third quarter to $21 million, despite a 6% increase in revenues to $602 million for the three-month period.

The airline's expenses for the quarter rose by 15%, the carrier said in its financial statement to 30 September.

For the first nine months of 2011 El Al generated a net loss of $41.6 million against a $40.8 million profit in the same period for 2010.

Revenues for January-September were up 4% to $1.55 billion but expenditure surged by 14%.