El Al Israel Airlines swung to a net profit in the fourth quarter of 2022, saying it had exceeded pre-pandemic levels on strong demand for travel.

Israel's flag carrier said on Thursday it earned $8.5 million between October and December, compared with a $110 million loss in the same period a year earlier and a $31 million loss in the fourth quarter of 2019.

It is the first time since 2015 that El Al has posted a fourth-quarter profit.

Revenue jumped to $561 million in the final three months of 2022 from $265 million in the same period a year earlier - when Israel still had strict travel restrictions - and topping the $518 million in the fourth quarter of 2019.

In 2022, El Al's market share at Ben Gurion Airport near Tel Aviv slipped to 22% from 23% in 2021 amid a 200% increase in the number of passengers, according to Israel Airports Authority data. (Reporting by Steven Scheer)