November 23, 2011
El Al, struck by soaring fuel prices, to lay off 200
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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.
