By Steven Scheer JERUSALEM, Nov 25 (Reuters) - El Al Israel
By Steven Scheer
JERUSALEM, Nov 25 (Reuters) – El Al Israel Airways ELAL.TA fell to a third-quarter loss as a result of coronavirus pandemic which closed Israel’s borders to foreigners and considerably curtailed the service’s operations.
Israel’s flag service mentioned on Wednesday it misplaced $147 million within the July-September quarter because it operated only a handful of flights versus a internet revenue of $27 million a yr earlier.
Income fell to $39 million from $647 million.
El Al’s shares have been 3.4% decrease in early afternoon commerce in Tel Aviv.
On the outset of the COVID disaster, El Al halted passenger flights and put most of its greater than 6,000 staff on unpaid go away, working particular flights to convey Israelis dwelling in addition to cargo flights.
A month in the past it resumed flights for Israeli residents to locations in america and Europe, together with New York, Los Angeles, Miami, London, Zurich, Paris, Frankfurt, Amsterdam and Athens. Flights to Moscow are set to restart this week.
The lone vibrant spot for El Al has been a drop in gas prices and bills, which declined 80% to $101 million within the quarter. Nevertheless, it nonetheless owes refunds of $240 million to passengers who purchased tickets previous to the flights being halted.
El Al modified possession fingers final month after 27-year-old non secular pupil Eli Rozenberg purchased a controlling stake within the airline in a share providing.
(Reporting by Steven Scheer; modifying by Jason Neely, Kirsten Donovan)
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