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El Al chairman David Brodet to step down from post

Israeli carrier El Al to slash jobs as deepens cost cuts

Aerospace & DefenseIsraeli carrier El Al to slash jobs as deepens cost cuts Steven Scheer 3 minute read An El Al Israel Airlines Boeing 737-900ER airplane takes off from the Adolfo Suarez Madrid-Barajas airport as seen from Paracuellos del Jarama, outside Madrid, Spain, August 8, 2018. REUTERS/Paul Hanna/File Photo El Al Israel Airlines (ELAL.TA) said on Thursday it was cutting 1,900 jobs as part of a broader plan to recover from the impact of COVID-19, even as its net loss narrowed in the first quarter due to steep cost-cutting measures. Israel s flag carrier reported an $86 million loss in the January-March period, versus a net loss of $140 million a year earlier. Revenue slid 64% to $117 million, while expenses such as salaries and jet fuel dropped 54%.

El Al still owes customers $240m

El Al still owes customers $240m El Al CEO Avigal Soreq: We are on course to achieving cash-flow breakeven in 2021. There are some positive signs in the financials released by El Al Israel Airlines Ltd. (TASE: ELAL) for the first quarter of 2021. Revenue rose by 5% in comparison with the fourth quarter of 2020, to $117 million, although it was well below the revenue figure for the first quarter of 2020 (which was mostly before Israel s skies were closed in March last year) of $321 million. El Al made an operating loss in the first quarter of 2021 of $76 million, which compares with an operating loss of $93 million in the corresponding quarter of 2020.

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