The results for the first quarter of 2020 were significantly affected by the coronavirus crisis, following which the Company ceased the scheduled passenger operations and sent the majority of its employees to unpaid leave.
The crisis has further resulted in a sharp drop in fuel prices which, following the decrease in consumption, has adversely affected the Company's results.
Since the outbreak of the coronavirus crisis, the Company's management has taken a series of steps to save costs and improve the Company's cash flow.
Currently, the Company is in the process of establishing a plan to obtain government assistance to cope with the crisis. Concurrently, the Company is negotiating with its employees to reach agreement on the streamlining measures required as a condition for extending the assistance.
PR Newswire
LOD, Israel, July 2, 2020
