Israeli carrier El Al to expand fleet and routes

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JERUSALEM, (Reuters) – Israeli airline El Al reported a narrower first-quarter loss, and said it plans to expand its fleet while opening new routes.

El Al, Israel’s flag carrier, said it lost $34 million in the first three months of 2023, versus a loss of $66 million a year earlier. Revenue grew to $500 million from $283 million the previous year, and surpassed revenue from the first quarter of 2019 before COVID-19 brought harsh travel restrictions.

Its load factor rose to 85% in the quarter from 73% in the January to March period of 2022.

El Al, which has a 22% market share at Ben Gurion Airport near Tel Aviv, said it hoped to expand its fleet of aircraft to 60 from 45 by 2028. It also said it was in talks to add new routes to Australia, the Philippines, and additional U.S. cities.

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