El Al Israel Airlines Ltd. (level:El Al) Losses narrowed in the first quarter of 2023 and the carrier said it was expanding its fleet and was in talks to add new routes.
El Al reported first-quarter revenue of $500m, compared to $283m in the first quarter of 2022 and 16.7% higher than in the first quarter of 2019, before the Covid pandemic, but down from $560.7m in the fourth quarter. From 2022.
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El Al reported an operating profit of $8.5 million in the first quarter of 2023 compared to an operating loss of $53.4 million in the first quarter of 2019. The airline reported a net loss of $34.3 million compared to a net loss of $66 million American in the first quarter. 2022 and a net loss of $55 million in the first quarter of 2019. In the fourth quarter of 2022, El Al reported a net profit of $8.5 million, its largest fourth-quarter profit since 2015.
El-Al said: “The trend towards an increase in demand continued, which led to an increase in the price level and the continuation of the recovery that the company witnessed in 2022.”
El Al said it plans to expand its fleet from 45 aircraft to 60 by 2028 and is in talks to add new routes to Australia, the Philippines and US cities.
Published by Globes, Israel business news – en.globes.co.il – on May 24, 2023.
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