Israeli flag-carrier El Al is looking to take cost-saving measures after predicting a deepening financial impact on its operations from the coronavirus outbreak.

El Al is forecasting a $50-70 million cut in its revenues for the first four months of this year, January-April.

This includes a reduction of $40-50 million for the airline’s first quarter – a substantial increase from the $30 million it had estimated in mid-February.

El Al’s first-quarter revenues in 2019 amounted to $429 million, with net losses of $55 million.

It says it is taking steps to offset the decline and is estimating a $25-45 effect on its results for January-April 2020, including $15-30 million in the first quarter.

The airline says it has been reviewing services to the Asia-Pacific region, to match capacity with demand, suspending flights to Beijing and Hong Kong and adjusting operations to Bangkok, following guidelines from the Israeli health ministry.

“[We] continue to monitor regularly other developments in the world in connection with the coronavirus and examine the implications for activities,” it adds.

El Al points out that the outbreak is a “changeable event” that is out of the company’s control, and the airline remains subject to decisions by authorities in various countries.