Carrier believes period would have been profitable but for closure of airspace and operational restrictions.
Israeli flag-carrier El Al estimates the damage inflicted on its net profit by the Middle East conflict amounted to $145 million.
About $90 million of this total has been reflected in its first-quarter financial results, and the carrier says the remainder is expected to affect the second quarter.
El Al states that, had the 40-day military action not taken place, it would have turned in a $23 million profit for the three months.
The airline instead posted a net loss of about $67 million — a contrast to the first-quarter surplus of more than $95 million recorded last year.
Revenues for the three-month period to 31 March were down 27% to $562 million.
The company was forced to suspend its scheduled services as the conflict began on 28 February, conducting variable and limited activity.
After the military action ended the company began gradually restoring services from 10 April, returning to full operations at the beginning of May.
It adds that, while foreign carriers had started reviving flights to Tel Aviv prior to the conflict, the rate of return of these airlines is “expected to be slower”.
“All of this is expected to lead to increased demand for [El Al] flights, which is expected to be reflected in high [load factors] in the second and third quarters, relative to [prior estimates],” the company says.
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