EL AL Presented Today the Results for the First Quarter of 2016

LOD, Israel, May 26, 2016 /PRNewswire/ -- The number of passenger segments in the First Quarter of 2016 increased by 10% compared to last year, seat availability increased by approx. 6%, operations in terms of RPK increased by 7%, aircraft Load Factor stood at approx. 80%, and EL AL's market share at Ben Gurion Airport increased to approx. 36%.

Revenues from operations amounted in the First Quarter to approx. USD 397 million, compared to USD 420 million in the First Quarter of the previous year. 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.

The Company recorded, in the First Quarter of 2016, a loss before tax of approx. USD 33 million, compared to a loss of approx. USD 22 million in the First Quarter of the previous year.

Net loss in the First Quarter of 2016 amounted to approx. USD 21.4 million, compared to approx. USD 16 million in the First Quarter of 2015.

Cash flows from operating activities for the First Quarter of 2016 amounted to approx. USD 72 million, compared to approx. USD 59 million in the First Quarter of the previous year.

EBITDA for the First Quarter totaled approx. USD 10.8 million, compared to approx. USD 25.8 million in the First Quarter of the previous year.

The Company's cash balances as of March 31, 2016 amounted to approx. USD 211 million.

The Company's fuel expenses decreased by approx. USD 35 million (after hedging expenses) due to a 37% decrease in the fuel price

El Al's CEO, David Maimon:

"The results for the First Quarter of 2016 were affected not only by the winter season, which is considered a relatively weak season, and from the fact that the Passover impact will be reflected in the Second Quarter, but also as a result of the increase in the Company's expenses due to disruptions in flights' staffing. We constantly continue the negotiations with the Pilot Representation in order to enable the Company to direct its efforts to cope with the increasing competition in the aviation industry. At the same time, we continue to prepare to receive the new Dreamliner aircrafts and to implement El Al's strategy by strengthening the Frequent Flyer Club, the UP flights, etc."