El Al Israel Airlines reports 5.3% YoY revenue growth in 1Q 2017

El Al Israel Airlines (TASE: ELAL) has announced operating revenues in the first quarter of 2017 were USD 418m, compared to USD 396m in the first quarter of the previous year, indicating a growth of about 5.3%, the company said.

The number of flight segments in the first quarter of 2017 increased by 7.1% compared to the first quarter of the previous year; ASK-Available seat kilometer increased by 1.3%.

The company´s activity in terms of RPK (revenue-passenger-kilometers) increased by 5.1%. Average total income per RPK (Yield) increased by 0.5% compared to the first quarter of the last year.

Passenger Load Factor stood at 83.7%, an increase of about 4% compared to the first quarter of the previous year.

Net loss in the first quarter of 2017 amounted to USD 30m, compared to a net loss of USD 21m in the first quarter of 2016. This increase is mainly due to an increase in payroll costs (resulting mostly from the timing of one-time bonuses for 2016 and the shekel appreciation), and a rise in jet-fuel costs.

The company´s cash balances as of March 31, 2017 totaled USD 228m.

El Al Israel Airlines carries about 5.5 million passengers a year. The carrier operates flights to about 34 direct destinations around the world and many other destinations by means of cooperation agreements with other airlines. It currently operates 43 aircraft, 28 of which are owned by the company.