Israel's El Al Airlines Q2 loss narrows, seeks more state aid | Reuters
Israeli airline El Al (ELAL.TA) on Wednesday called for more financial aid from the government to help it weather the effects of the Delta variant as it posted a narrower quarterly net loss than the year ago period on an improvement in air travel.
El Al, which has new ownership and management, has reported losses for three years and racked up debt to renew its fleet which has reached 45 planes at an average of 10 years old.
It was hit hard after suspending scheduled passenger flights in March 2020 at the outset of the COVID-19 health crisis when Israel, like other countries, closed its borders to most foreigners, compounding its financial woes.
In the April-June quarter, El Al laid off 1,900 employees, nearly one-third of its staff, as part of a recovery plan mandated by the government to receive a $210 million bailout package.
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