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

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.