El Al Israel Airlines Says FY Revenue Rose 2% To $2.18 Billion

Reuters2020-05-17

El Al Israel Airlines Ltd :Fy Revenue Rose 2 Percent To 2.18 Billion Usd.Net Loss In 2019 Amounted To About Usd 60 Million, Compared To About Usd 52 Million In 2018..Cash Flow Generated By Company From Operating Activities In 2019 Amounted To About Usd 294 Million.As Of December 31, 2019, Cash Balance In Company'S Account Amounted To About Usd 264 Million.Is Currently Implementing Series Of Streamlining Measures Like Significant Cut In Company'S Workforce.More Than 90% Of Company'S Employees Are On An Unpaid Leave.Implementing Reduction In Executive And Board Members Compensation By 20%.Implementing Cancellation Of Lease Agreements Of Two 737-800 Aircraft That Were Expected To Enter Service In 2020.Implementing Signing Of Mou With Foreign Company For Sale And Lease Back Of Three 737-800 Boeing Aircraft For Usd 76 Million.Conducting Talks With Lenders, Finance Ministry To Get Loan Of Usd 400 Million, Most Of Which Will Be Backed By A State Guarantee.Company Estimates That There Are Significant Doubts About Its Continued Existence As A Going Concern.

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Ava1001
2020-05-17
Ava1001
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