Reality comes to sexagenarian El Al; and American is the beneficiary
Cash strapped El Al last week announced another net loss for the second quarter, to follow a similar negative in the first. This time it was only USD11.2 million, compared with a poorer USD49.9 million (although the first quarter also included a provision for payment of a possible price fixing fine). Fuel costs have hurt El Al more than most; last month, the Israeli flag carrier announced it had arranged to sell two of its 25 year-old B767-200s to a “Philippine company” and its fleet is in real need of a total makeover.
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