El Al Israel Airlines Ltd. (TASE:ELAL) the loss 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, up from $283m in first-quarter 2022 and 16.7% higher than first-quarter 2019, pre-Covid pandemic but down compared to $560.7 million in the fourth quarter of 2022.
El Al recorded 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 recorded a net loss of 34, $3 million versus a net loss of $66 million in the first quarter. of 2022 and a net loss of $55 million in the first quarter of 2019. In the fourth quarter of 2022, El Al posted a net profit of $8.5 million, its largest fourth quarter profit since 2015.
El Al said: “The upward trend in demand continues, which has driven the level of tariffs higher and continues the recovery the company experienced in 2022.”
El Al said it plans to expand its fleet from 45 planes 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 – May 24, 2023.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.