Israel’s El Al Airlines hit by war-related losses
Israel’s national carrier El Al Airlines has reported a loss in the first quarter, attributing the downturn to the war with Iran, which has kept Israeli airspace largely closed to commercial flights, News.Az reports, citing Al Jazeera.
El Al, Israel’s flag carrier, posted a net loss of $67 million for the January–March period, compared with a net profit of $96 million during the same period a year earlier.
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The airline also cited additional financial pressures, including a weaker U.S. dollar against the Israeli shekel and higher fuel costs. As a result, revenue for the quarter fell by 27% to $562 million.
According to the company, the total financial impact of the war amounted to $145 million, with $90 million recorded in the first quarter and a further $55 million expected to be reflected in the second quarter.
By Nijat Babayev
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