El Al, struck by soaring fuel prices, to lay off 200

El Al airplanes are seen on the runway at Ben Gurion International airport near Tel Aviv on Aug. 22. Photo by REUTERS/Ronen Zvulun

El Al Airlines said it is laying off 200 workers after a steep increase in fuel costs hit its bottom line.

Top executives also agreed to pay cuts, Reuters reported, after the airline announced a 51 percent drop in its third-quarter net profit.

Jet fuel prices rose by 47 percent, raising the airline’s jet fuel expenditure from $160 million to $205 million in the third quarter, the Israeli business daily Globes reported.