El Al Narrows Q1 Loss

Israeli flag carrier El Al had an improved Q1 2015, with its net loss narrowing to $16m from $39.7m in the same period last year.

Israeli flag carrier El Al had an improved Q1 2015, with its net loss narrowing to $16m from $39.7m in the same period last year.

Revenues for the first three months of the year increased by 1.1 per cent to $419.8m, while operating profit for the quarter stood at $52.4m.

The airline’s operating expenses fell by eight per cent to $367.4m, with aircraft fuel costs reduced by 19.5 per cent.

The airline's CEO David Maimon said the “significant improvement” in the carrier’s results were owed to the strengthening of the dollar, falling fuel costs and passenger numbers increasing.

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