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Aviation Links has reported on profits of $1.4 million in the 3rd quarter of the year, this compares to a profit of $2.6 million in the corresponding period last year. Revenues in the quarter totaled $51 million, compared to $68 million in the same quarter last year. The board of directors approved the distribution of a dividend totaling half a million dollars.

The tourism wholesaler, Aviation Links, recorded a 3rd quarter profit, a period traditionally regarded as a strong period in the year.  However as a result of the worldwide economic recession and the slowdown in tourist traffic to Turkey, the company recorded a 40 percent decline in net profit. Between January and September, Aviation Links earned $850,000 compared to $2.3 million in the same period in 2008.

Gross profit at Aviation Links fell by 9 percent in the third quarter, this was caused by discounted holiday prices as a result of an excess of supply. As a result, the company reported early preparation which included updates to suppliers’ contracts, a reduction in advance payments, reorganization of purchasing and a reduction in general expenses.

During the 3rd quarter, Aviation Links purchased 50 percent of the shares of Hametayel Tours, specialists in tours of the United States, for a sum of $236,000.  Previously Aviation Links had purchased 50 percent of Sunorama for a sum of 2.02 million shekels.

Immediately after the release of the quarterly financial reports, the board of directors approved the distribution of a dividend totaling $500,000 to be distributed to shareholders.

The company also announced the appointment of Dotan Noy, until now commercial manager of subsidiary company ‘Derech Hachofesh’, to the role of general manager.