El Al reports results for first quarter of 2009

El Al Israel Airlines reports first quarter of 2009 financial Results. Revenues in the first quarter amounted to $346.7 million compared to $469.3 in the same quarter last year, a drop of about 26%. The decline in revenues from operations is mainly due to a decrease of about 13% in the number of passengers, compared to the first quarter of 2008, and a decrease in the average revenue per passenger kilometer. The net loss in the first quarter of 2009 amounted to $39.8 million compared to a net loss of $50 million in the same quarter last year.