February 27, 2020 / 1:26 PM / a month ago

Israel's El Al sees $50-$70 mln revenue loss from coronavirus for Jan-April

JERUSALEM, Feb 27 (Reuters) - El Al Israel Airlines on Thursday said it expects a loss in revenue of $50-$70 million in the January-April period due to the global coronavirus outbreak.

The estimate did not include the impact of a new travel warning from Israel that barred entrance from foreigners arriving from Italy.

Of the drop in sales, $40-$50 million will be in the first quarter. Israel’s flag carrier said the loss will be partly offset by a decline in operating expenses, so the final impact on its January to April results will be $25-$45 million, of which $15-$30 million will be for the first quarter.

Shares in El Al were down 7.6% in late afternoon trading. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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