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Flying High
Privatization lifts El Al hopes for profitability.
CHANAN TIGAY
Jewish Telegraphic Agency
vate in June 2003 with an initial pub-
lic offering of 15 percent of its shares
on the Tel Aviv Stock Exchange. Now,
New York
Borovich's Knafaim-Arkia Holdings
is morning for El Al.
owns 40 percent of the carrier's stock,
A dozen women in aprons and
and intends to exercise its option to
hair nets are arranging items on
purchase an additional 12 percent of
plastic food trays. Nearby, several
the shares.
more slide silverware and mini-packs
In 2004, the airline's annual profit
of salt and pepper into narrow plastic
shot up from $6.4 million to $33.1
bags.
million, El Al says. Its cash flow was
"They're making breakfast for El
higher than ever, and its annual rev-
Al," says Jacob Li-Or, president and
enues increased by 19 percent to over
CEO of Borenstein Caterers in
$1.3 billion.
Queens, N.Y.
Borovich says El Al shares are thriv-
On this particular morning, he says,
ing on the Tel Aviv Stock Exchange:
the company — an El Al subsidiary
His investment has already tripled, he
since 1972 — has made 2,500 kosher
says.
in-flight breakfasts.
"I think that's because they were
Breakfast aside, it's morning for El
ahead of the curve on terrorism," says
Al in another sense: After its recent
John MacAyeal, who covers interna-
privatization, the company is orches-
tional transportation for Hoover's
trating a new beginning, developing a
Online, an Internet business informa-
strategy to streamline its economic
tion service. "The major threat facing
approach, offer a wider range of serv-
the industry is just a sense of safety,
and they're ahead of
everyone else on
that."
In other words,
the arrows seem to
be pointing up. But
what does privatiza-
tion mean for pas-
sengers?
First of all, better
food.
In June, El Al
launched its new
platinum business-
Photo courtesy of Borein tein
class menu, designed
by chef Avner Niv, a
Desserts from El Al's new platinum business-class menu on
former personal chef
display at the airline's caterers, Borenstein Caterers.
to fashion magnate
Donatella Versace.
The menu
includes fare such as
ices, expand first- and business-class
rib eye steak in peppercorn sauce;
sections — and factor in manage-
chicken breast in teriyaki sauce; sea
ment's accountability to private share-
bass filet; seared salmon in orange,
holders.
-
chive and red peppercorn sauce; veal
"The future looks very bright," says
stew; and corned beef with red pepper
Israel "Izzy" Borovich, El Al's new
curry.
chairman.
Changes in coach and first-class
The strategic plan, called "El Al
menus are expected as well.
2010," should be completed within
Beyond the food, Borovich says the
the next several months, Borovich
business model of a private company
says.
is entirely different than that of a gov-
State-owned since its birth in 1948,
ernment-owned operation, and El AI
El AI began the process of going pri-
will reflect it. As a private company
1