Recovering El Al looks towards profitability next year
El Al is working to restore its operation to pre-crisis levels with the intention of shifting to profitability from the second half of 2023. It has posted a $66.3m net loss for Q1 2022, a 23% improvement on the previous year’s figure for the period. Activity is recovering, the carrier states, with capacity at 53% of 2019’s figure. The airline is operating 33 aircraft compared with the pre-crisis total of 43, and aims to re-introduce remaining aircraft by 2023. El Al more than doubled its revenues to $282 million – although cargo revenues slipped by 2% – while operating expenses increased by 77% to $293m. The carrier attributes the rise in expenditure partly to a surge in jet fuel costs, up nearly $58m, following the rise in prices and increased consumption. But it also says it spent an extra $46m on salaries owing to the workforce returning from furlough.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2022-05-19/unaligned/recovering-el-al-looks-towards-profitability-next-year
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Recovering El Al looks towards profitability next year
El Al is working to restore its operation to pre-crisis levels with the intention of shifting to profitability from the second half of 2023. It has posted a $66.3m net loss for Q1 2022, a 23% improvement on the previous year’s figure for the period. Activity is recovering, the carrier states, with capacity at 53% of 2019’s figure. The airline is operating 33 aircraft compared with the pre-crisis total of 43, and aims to re-introduce remaining aircraft by 2023. El Al more than doubled its revenues to $282 million – although cargo revenues slipped by 2% – while operating expenses increased by 77% to $293m. The carrier attributes the rise in expenditure partly to a surge in jet fuel costs, up nearly $58m, following the rise in prices and increased consumption. But it also says it spent an extra $46m on salaries owing to the workforce returning from furlough.<br/>
