Financial analysis of Indonesian and Turkish tourism listed firms in covid 19 outbreak

Year 2023, Volume: 8 Issue: 2, 101 - 108, 15.12.2023

Tri Damayanti Suphi Aslanoğlu

https://doi.org/10.31822/jomat.2023-8-2-101

Abstract

COVID-19 outbreak is global disease that impact most of industries in the world. Tourism is one of industry shocked by COVID-19. Curfew policy and social distance caused most of tourism sector such as tourism, hotel, and restaurant were closed. The purpose of this study is to analyze financial statement of tourism industries in Indonesia and Türkiye using financial ratio analysis. We employ financial analysis of credit (risk) analysis and profitability analysis during lockdown. We employ 27 financial statements of tourism firms in both countries in 2020. Based on the result, we found that profitability ratio that have significant differences in both countries such as ROA, ROE, and net margin. Although other measurement such as, current asset ratio, quick ratio, asset turn over, debt to equity ratio, and short term debt to equity ratio have no significant. The result informs that tourism of listed firms in Indonesia and Türkiye have significantly difference in profitability ratio. However, capability of managing liquidity, utilizing asset and managing capital structure and solvency has no significant difference. The result implies that tourism industries both in Indonesia and Türkiye have similar issues in liquidity, utilizing asset, and solvency, because they have to face diminishing income during COVID-19. Hence, it will effect on the liquidity.

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Keywords

Credit (risk) analysis, profitability analysis, restriction policy

印度尼西亚和土耳其旅游业上市公司在covid 19爆发时的财务分析

Abstract

COVID-19的爆发是全球性的疾病，影响了世界上大多数的行业。旅游业是受到COVID-19冲击的行业之一。宵禁政策和社会距离导致大部分旅游部门，如旅游、酒店和餐馆被关闭。本研究的目的是利用财务比率分析来分析印度尼西亚和土耳其的旅游业的财务报表。我们采用信用（风险）分析和封锁期间的盈利能力分析的财务分析。我们采用了这两个国家的旅游公司在2020年的27份财务报表。根据结果，我们发现盈利能力比率在这两个国家有明显的差异，如ROA、ROE和净利润率。尽管其他测量指标，如流动资产比率、速动比率、资产周转率、债务与股权比率和短期债务与股权比率没有显著性。结果表明，印度尼西亚和土耳其的上市公司在盈利能力比率方面有明显的差异。然而，管理流动性、利用资产、管理资本结构和偿付能力的能力没有明显差异。这一结果意味着印度尼西亚和土耳其的旅游业在流动性、资产利用和偿付能力方面都有类似的问题，因为他们在COVID-19期间不得不面对收入减少的问题。因此，这将对流动性产生影响。

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