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El Al's first quarter loss narrows

El Al net loss in the quarter was USD$16 million compared with USD$39.7 million a year ago and revenue increased to USD$419.8 million
25.05.15 / 10:30
El Al's first quarter loss narrows
25.05.15
El Al's first quarter loss narrows

Israeli national airline El Al reported that its net loss narrowed in the first quarter as the carrier increased its market share, flew more passengers and benefited from a stronger dollar and lower fuel prices.

 

Israel's flag carrier said net loss in the quarter was USD$16 million compared with USD$39.7 million a year ago. Revenue increased to USD$419.8 million from USD$415.4 million, as revenue from passengers rose 1.1% and from cargo operations by 1.6%.

 

The Company's operating expenses were reduced by 8% to USD 367.4 million, compared to USD 397.8 million in the first quarter of the previous year. EBITDA in the first quarter of 2015 reached approx. USD 16.9 million, compared to a negative EBITDA of approx. USD 22.8 million in the first quarter of the previous year.

 

The Company's cash flow stemming from current operations in the first quarter of 2015 totaled approx. USD 58.5 million, compared to approx. USD 75.8 million in the first quarter of the previous year. At the end of the first quarter of 2015, the company's cash and deposit balances totaled approx USD 137.2 million, compared to approx. USD 132.5 million at the end of the first quarter of the previous year.

 

El Al CEO David Maimon said, "The company has shown a significant improvement in results in the first quarter of 2015. The results were influenced by an increase in activity and in the number of passengers that the airline carried, which increased the company's market share by 6% to 35.4%. The first quarter was also positively affected by the strengthening of the dollar and the fall in fuel prices." Maimon added that the airline will launch direct flights to Boston in June and noted the airline's new credit card has 75,000 customers." 

 

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