El Al revenue decline affected by competition, losses widen in 1Q2016

El Al revenue down 6% - financial highlights for three months ended 31-Mar-2016:

• Operating revenue: USD396.5 million, -5.6% year-on-year;
• Operating costs: USD362.1 million, -1.4%;
• Profit (loss) before tax: (USD33 million), compared to a loss of USD22 million in p-c-p;
• Net profit (loss): (USD21.4 million, compared to a loss of USD16 million in p-c-p;
• Passenger numbers: +10%;
• Load factor: 80%;
• Total assets: USD1767 million;
• Total liabilities: USD1594 million. [more - original PR]

El Al: "The Company's revenues declined as a result of the timing of Passover and a decrease in flight ticket prices due to the competition and the drop in oil prices." Source: Company statement,26-May-2016.