El Al Israel Airlines has reported its fourth quarter and full year 2009 results revealing a 21 per cent drop in revenue to US$1.7 billion in 2009 from $2.1 billion in 2008, while the carrier’s net loss soared to $76.3 million from $41.9 million a year earlier.

El Al said that its 2009 results were affected by the global economic crisis that began in 2008, which reduced passenger and air cargo traffic, resulting in a surplus of seats and cargo space.

Cargo revenues declined by about 46 per cent compared to 2008, as a result of air cargo slowdown at Ben Gurion Airport and the drop in air cargo rates due to the global financial crisis; and El Al’s initiative to withdraw cargo operations from the Far East routes during the third quarter of 2008.