El Al reported a $39.8 million first-quarter loss, narrowed 20.4% from the $50 million deficit posted last year. Revenue was down 26% to $346.7 million as passenger numbers fell 13% year-over-year. "Strict management of expenses together with the drop in fuel prices after offsetting for hedging expenses led to a significant drop in the company's costs and better results," President Haim Romano said in a statement cited by Reuters.

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