El Al Israel Airlines Ltd. (TASE:ELAL) loss narrowed in the first quarter of 2023 and the carrier said that it was expanding its fleet and in talks to add new routes.
El Al reported first quarter revenue of $500 million, compared with $283 million in the first quarter of 2022 and 16.7% higher than in the first quarter of 2019, before the Covid pandemic, but down from $560.7 million in the fourth quarter of 2022.
El Al reported an operating profit of $8.5 million in the first quarter of 2023 compared with an operating loss $53.4 million in the first quarter of 2019. The airline reported a net loss of $34.3 million compared with a net loss of $66 million in the first quarter of 2022 and a net loss of $55 million in the first quarter of 2019. In the fourth quarter of 2022, El Al reported a net profit $8.5 million, its biggest fourth quarter profit since 2015.
El Al said, "The trend in rising demand continues, which has brought a rise in the level of fares and continues the recovery the company underwent in 2022."
El Al said it plans to expand its fleet from 45 aircraft to 60 by 2028 and is in talks to add new routes to Australia, the Philippines and US cities.
Published by Globes, Israel business news - en.globes.co.il - on May 24, 2023.
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