El Al predicts deeper financial impact from coronavirus
El Al is looking to take cost-saving measures after predicting a deepening financial impact on its operations from the coronavirus outbreak. El Al is forecasting a $50-70m cut in its revenues for the first four months of this year, January-April. This includes a reduction of $40-50m for the airline’s Q1 – a substantial increase from the $30m it had estimated in mid-February. El Al’s Q1 revenues in 2019 amounted to $429m, with net losses of $55m. It says it is taking steps to offset the decline and is estimating a $25-45 effect on its results for January-April 2020, including $15-30m in Q1. The airline says it has been reviewing services to the Asia-Pacific region, to match capacity with demand, suspending flights to Beijing and Hong Kong and adjusting operations to Bangkok, following guidelines from the Israeli health ministry.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-03-02/unaligned/el-al-predicts-deeper-financial-impact-from-coronavirus
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El Al predicts deeper financial impact from coronavirus
El Al is looking to take cost-saving measures after predicting a deepening financial impact on its operations from the coronavirus outbreak. El Al is forecasting a $50-70m cut in its revenues for the first four months of this year, January-April. This includes a reduction of $40-50m for the airline’s Q1 – a substantial increase from the $30m it had estimated in mid-February. El Al’s Q1 revenues in 2019 amounted to $429m, with net losses of $55m. It says it is taking steps to offset the decline and is estimating a $25-45 effect on its results for January-April 2020, including $15-30m in Q1. The airline says it has been reviewing services to the Asia-Pacific region, to match capacity with demand, suspending flights to Beijing and Hong Kong and adjusting operations to Bangkok, following guidelines from the Israeli health ministry.<br/>
