El Al revises revenue losses higher due to virus

On Sunday Israel’s El Al more than doubled its estimates for revenue losses due to the new coronavirus. It now estimated that the decline in revenue it expects for the January-April period to reach $140m-$160m, up from a previous estimate of $50m-$70m. The revenue decline for Q1 will be $80m-$90m. A decline in costs will partially offset the drop in revenue, so the company expects the net impact for the first four months on revenues to be $70m to $90m. El Al warned that the hit would be even bigger because its latest estimates didn’t include the effect of a Health Ministry order, imposing a 14-day quarantine on foreigners visiting from France, Germany, Switzerland, Spain and Austria. PM Benjamin Netanyahu said Sunday Israel may expand the quarantine rule this week to visitors from all countries. El Al, which has announced plans to lay off 15% of its staff, is in talks with the treasury about aid. <br/>