Israeli flag-carrier El Al ended the first quarter to 31 March with a cash balance of $144.2 million, after investing $16 million in fixed assets, and repaying $23.2 million in long- term current loans.
Cash flow from regular activities during the quarter totalled $65 million, compared with cash flow of $56.7 million in the year-earlier period.
Shareholders' equity at 31 March totalled $142 million, compared with $162 million at 31 December.
The reduction in the airline's shareholder equity "resulted mainly from the losses for the period," El Al said in a earnings release.
Nissim Malki, chief financial officer and vice president finance added: "Cash flow from regular activities during the quarter reflects correct and responsible financial management, and will enable the company to carry out its missions and undertakings during 2012."
In March, El Al mandated pre-delivery payment financing with a bank, covering two new Boeing 737-900ER aircraft.
The first aircraft is scheduled for delivery in October and the second in December 2013.
According to Flightglobal's Ascend Online database, El Al's narrowbody fleet comprises two 737-700s and 12 737-800s. The carrier has a backlog of four 737-900s as well as four options.