“Yediot Ahronot”: El Al will report $20m Q2 loss
Ganden: El Al will probably face liquidity problems toward the end of the year.
Globes’ correspondent 23 Jun 03 10:00
Hebrew daily “Yediot Ahronot” reports that assessments for the Tel Aviv Stock Exchange’s latest and hottest issue - El Al (TASE:ELAL) - are bleak, even before the second quarter is over. “Yediot Ahronot” has obtained analysts’ forecasts that El Al is expected to lose $20 million in the second quarter of 2003, a sum that will be added to the airline’s first quarter $33 million loss. These are only predictions, although mostly based on openly available information and comments by El Al CEO Amos Shapiro in a press conference last week.
Sources add that Ganden, the parent company of Israir, commissioned a valuation for El Al in the weeks preceding its flotation. The report stated that El Al would report heavy losses in the second quarter, and could face liquidity problems toward the end of the year.
Published by Globes [online] - on June 23, 2003