El Al Posts 500M Loss in 2020 amid Pandemic
El Al Israel Airlines Ltd., the nation’s flagship carrier, said Thursday it posted a massive half-a-billion-dollar loss in 2020, as its passenger flights were grounded for most of the year due to the coronavirus pandemic.
The company said it lost $531 million in 2020, compared to a loss of $59.6 million in 2019. Revenues from operations for the year plunged 71 percent to $623.1 million, compared to revenues of $2.2 billion in 2019, due to the cancellation of regular passenger flights from February 2020. Since the fourth quarter of 2020, some flights to some destinations have resumed.
Revenue from cargo flights surged 100% by some $132 million in 2020, compared to the previous year, the company said. (TOI / VFI News)
“God, we ask that you protect the people of Israel from continued economic uncertainty.”