Israeli airline El Al narrows losses in quarter as tourism resumes

Israeli airline El Al reported a narrower loss in Q4 as revenue more than doubled after the country began reopening its borders to foreign tourists. Its auditors, however, attached a "going concern" warning in the aftermath of the pandemic. Sales had plummeted at El Al, Israel's flag carrier, amid restrictions imposed during the pandemic to curb the spread of COVID-19. It said on Thursday it lost a net $110m in October-December -- despite an 85% jump in jet fuel costs -- compared with a $140m loss a year earlier. Revenue jumped 137% to $265m from $112m a year ago, which is still about half its pre-COVID level of about $544m in 2019. El Al CE Avigal Soreq said advance bookings had gradually risen over the first two months of 2022. "The skies are clearing up," Soreq said. While reaching 2019 levels of bookings is unlikely, he said "we are doing everything we can in order to be as close as we possibly can to" 2019. Soreq said El Al was waiting to hear from the government about settling a dispute over security at Dubai airport, which has limited the number of flights by Israeli carriers. At the same time, he said El Al was still doing its due diligence in a planned process to buy smaller Israeli carrier Arkia.<br/>