El Al chief executive Haim Romano has been busy chipping away at the Israeli flag carrier’s cost base in an attempt to improve its efficiency and recoup the losses caused by last year’s Israel-Lebanon conflict. And he believes it is beginning to pay off.

El Al incurred a $44 million net loss in 2006, compared to the $64.1 million net profit recorded in the previous year. Romano says that “almost all of the losses were due to the war”, which took place in July and August 2006. Full-year revenue in 2006 rose to $1.7 billion from $1.6 billion a year earlier, despite a loss of $60-70 million in revenues resulting from the conflict.

But the second quarter of this year marked a “turni

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