El Al trims first-quarter loss, cites growing competition

El Al Israel Airlines posted a first-quarter net loss of $12.4 million, a 33% improvement over a net loss of $18.5 million in the year-ago period. The carrier said "the drastic increase in fuel costs" prevented it from recording a quarterly profit on the heels of its highest-ever full-year profit of $64.1 million in 2005. It added that the winter quarter is usually its weakest and that prospects for the rest of 2006 remain strong. Revenues increased 17% to $372 million as passenger traffic ...