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El Al reports $39 million 2008 loss
El Al posted a 2008 net loss of $38.8 million, reversed from a $44.8 million profit in 2007, citing fuel expenses.
The Israeli airline said high fuel prices in the first half of the year, followed by hedging charges in the second half when the price of oil dropped, led to a 45% year-over-year increase in fuel costs to $771.2 million. But President Haim Romano said the carrier "recorded a drop in most expense items aside from fuel" and has focused on "becoming more efficient."