El Al reports $38.8 million 2008 loss

Revenue for 2008 grew 9% to $2.1 billion while expenses for the period were up 17% to $1.78 billion. El Al posted a quarterly net loss of USD$9.4 million
 
El Al Israel Airlines posted a 2008 net loss of $38.8 million, reversed from a $44.8 million profit in 2007, citing fuel expenses and global economic slowdown.
 
El Al posted a quarterly net loss of USD$9.4 million compared with a loss of USD$5.3 million a year earlier.
 
Revenue in the 4th quarter fell 11% to USD$465.3 million, due to a decline in revenue from both passenger and cargo flights.
 
Revenue for 2008b grew 9% to $2.1 billion while expenses for the period were up 17% to $1.78 billion, producing operating income of $325.2 million, down 22% from $414.8 million in 2007.
 
The airline's profit was also hurt by USD$35.6 million in payments for long-term hedging contracts on the cost of jet fuel as the price of oil plunged. In the year-earlier quarter El Al had a gain of USD$6.7 million from hedging.
 
Operating expenses fell 4.6% to USD$402 million. The company cut 200 jobs in the fourth quarter.