El Al Reports Losses of $136M in Q3

An El Al plane at Ben Gurion Airport. (Yossi Aloni/Flash90)

With a going concern qualification attached, El Al released third quarter financials on Wednesday that show a rise in revenue but a substantially larger loss. The company says that the net loss was partly because of write-downs of the value of several aircraft that are due to be withdrawn from service.

El Al’s operational revenue rose 14% in comparison with the second quarter of this year to $253 million, while its quarterly loss grew 69% to $136 million. Operating profit fell to $3 million from $20 million in the previous quarter, which the company said was because of “one-time restructuring expenses.” In comparison with the third quarter of 2020, when the coronavirus pandemic was at its height, revenue grew 500%.

In the first nine months of this year, revenue grew by 16% in comparison with January-September 2020, and totaled $592 million. Operating profit was $26 million, versus an operating loss of $18 million in the corresponding period of last year. The net loss for the period narrowed somewhat, to $303 million from $391 million in the corresponding period.