Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)

Vol. 03, No. 10, October 2023

e - ISSN : 2807-8691 | p- ISSN : 2807-839X

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https://doi.org/ 10.46799/ijssr.v3i10.575

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Comparative Analysis Of Financial Performance Of

Transportation And Hospitality Sector Companies Before

And During The Covid-19 Pandemic Publication Text

Mutia Dea Haruya

Faculty of Business and Economics, Universitas Islam Indonesia, Indonesia

Email: [email protected].ac.id

Keywords

ABSTRACT

Covid-19 Pandemic, Financial

Performance, Transportation,

Hotels, Comparison

This study aims to look at differences in the financial

performance of companies in the transportation and hotel

sectors before and during the Covid-19 pandemic in Indonesia.

This research is a quantitative study using a sample of 35

companies in the transportation and hotel sector listed on the

Indonesia Stock Exchange. The data used is secondary data

obtained from annual reports for the period 2018-2019 before

the Covid-19 pandemic and 2020-2021 when the Covid-19

pandemic occurred. The analytical method used is a

differential test using the Wilcoxon Signed Rank Test on the

ROA, CR, DER, and PER variables. The results of this research

show that there is a significant difference in the ROA and CR

variables, where the ROA and CR values before the Covid-19

pandemic were higher than during the Covid-19 pandemic,

while the value of the DER variable before the Covid-19

pandemic was not lower than during the Covid-19 pandemic

period and the PER value before the Covid-19 pandemic was

not higher than during the Covid-19 pandemic period in

Indonesia.

INTRODUCTION

The Covid-19 pandemic is a viral outbreak that has spread throughout almost the world. The

Covid-19 virus was first discovered in Wuhan City, China and became a global pandemic in just a short

period of time. The first case in Indonesia was discovered on March 2 2020, there were two Indonesian

citizens who were positive for being infected with the Covid-19 virus based on a statement by President

Joko Widodo (Ren et al., 2020). According to Arianto (2020) almost all countries in the world, they have

felt a significant impact caused by the Covid-19 pandemic. Not only do they have to face health problems

due to the Covid-19 pandemic, every affected country also has to face economic problems caused by the

Covid-19 pandemic, including Indonesia (Junaedi & Salistia, 2020). The company carried out

employment terminations (PHK) to reduce costs incurred as a result of restrictions on business

activities. This has resulted in the unemployment rate in Indonesia increasing, difficulty finding work,

and an increase in poor people (Sumarni, 2020). This is like what happened on the island of Bali, where

initially the unemployment rate was only 1.57% and increased to 5.63% during the Covid-19 pandemic

which was caused by the temporary closure of the hotel and tourism sector (Natalia, 2022). According

to Zubaidah et al. (2021) the government, it is quite difficult to meet state spending needs. The increase

in unemployment rates not only occurred in Indonesia but also in Europe and has an impact on

increasing poverty rates (Arianto, 2020). Therefore, the Covid-19 pandemic has resulted in an economic

crisis in Indonesia and the world.

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Mutia Dea Haruya

IJSSR Page 2663

The daily increase in Covid-19 cases has prompted the government to issue policies to prevent

transmission of the virus. The Indonesian government implemented a Large-Scale Social Restrictions

(PSBB) policy where various community activities were limited and gave an appeal to the public to

always maintain distance and use masks of at least three layers (Indayani & Hartono, 2020) PSBB policy

means that office, trade and most industrial activities are not allowed to operate, one of which is tourism

and transportation services. This causes economic losses both in Indonesia itself and other countries

(Anthony Olagbenga, 2020).

The Large-Scale Social Restrictions (PSBB) policy resulted in minimal mobility for the

community due to restrictions on traveling outside the house. Tourism sector activities have also

experienced a very drastic decline due to travel restrictions for local and international tourists (Adani

et al., 2022). The decline in outdoor activities has had an impact on the closure of the hospitality sector.

Apart from that, regional restrictions and quarantine policies have had a negative impact on the

economic decline and people's purchasing power (Wardani, 2021). The government also issued a ban

on returning home for two consecutive years, which of course had a huge impact on the transportation

sector, both land, sea and air, and also had a huge impact on the hotel sector.

The transportation sector has experienced a drastic decline in passengers, which has resulted in

transportation companies experiencing a decline in revenue and this will ultimately affect company

performance, which is usually measured using financial ratios (Harahap et al., 2021). According to

Setyowati (2015) the transportation and logistics sector, it plays a role in facilitating the mobility of

people and goods via land, sea and air transportation. The economic activities of a region become more

effective and efficient if they are supported by adequate transportation and logistics facilities.

The hotel sector also experienced a decline in income. This decrease was caused by a decrease

in tourists, both local and foreign tourists, which was caused by restrictions and prohibitions on travel

and activities outside the home. Indonesia, as a large country that has a high attraction for tourist

destinations, was greatly affected by this ban, which ultimately also had an impact on the level of hotel

room occupancy in Indonesia (Rachmawati, 2021). The decline that occurred in the transportation and

hospitality sectors due to the Covid-19 pandemic will ultimately affect the financial performance of

transportation and hospitality companies.

Return on Assets (ROA) is a profitability ratio used to measure a company's ability to manage

assets effectively and efficiently (Sutrisno, 2017). The ROA value is influenced by the net profit

generated by the company. However, during the Covid-19 pandemic, transportation and hotel

companies experienced a drastic decline in revenue due to the implementation of mobility restrictions

and social restrictions to reduce the spread of Covid-19, thereby reducing the net profit generated. This

is because company assets such as the transportation fleet cannot be used to create profits (Indraswono

et al., 2022). Likewise, the decrease in net profit in hotels was caused by the use of assets in the form of

hotel rooms which was not optimal in generating company income (Natalia, 2022). This is in line with

research Yulianingtiyas (2022) and Rachmawati et al. (2021) namely that transportation and hotel

companies are unable to manage their assets such as transportation fleets and hotel rooms optimally in

generating net profits. The policies implemented by the government to reduce the spread of Covid-19,

such as Large-Scale Social Restrictions (PSBB) and Implementation of Community Activity Restrictions

(PPKM), are factors that cause a decline in income.

Current Ratio (CR) is a liquidity ratio used to measure the ability of a company's current assets

to finance the company's current debt (Persada, 2016). The cancellation of passenger ticket orders due

to government restrictions disrupts the company's liquidity because the company needs to return funds

for tickets that have been sold with sales continuing to decline but still has to finance salaries, fleet

maintenance expenses and other financing with large amounts (Indayani & Hartono, 2020) . Likewise

with the cancellation of hotel reservations due to the ban on accepting foreign tourists, lockdowns in

several areas, and the grounding of all flights (Wardani, 2021). This is in line with Rahayu (2023) and

International Journal of Social Service and Research https://ijssr.ridwaninstitute.co.id/

IJSSR Page 2664

Rachmawati (2021) shows that the significant decline in company liquidity occurred due to limited

space for people to move around so that demand for hotel room and flight services decreased drastically

which then had an impact on decreasing cash inflows, receivables and other current assets.

Debt to Equity Ratio (DER) is a solvency ratio used to measure the ratio of total debt owned to

own capital (Sutrisno, 2017). During the Covid-19 pandemic, many companies experienced a decline in

income while the costs required by the company were quite large. Not a few companies borrow funds

to help the company finances in meeting its financial needs. According Aprillianto & Wardhaningrum

(2021) to the Covid-19 pandemic, companies tend to choose external funding sources or debt because

interest costs on debt can reduce the company's tax burden. This is in line with Esomar & Chritianty

(2021) and Rachmawati (2021) that the company experienced quite large losses with the condition that

the company's expenses were greater than the assets owned so that the company experienced an equity

deficit and resulted in an increase in external funding sources, namely company debt, during the Covid-

19 pandemic in Indonesia.

Price Earning Ratio (PER) is a market ratio used to describe the comparison between the market

price of a company's shares and the profits obtained by investors from each share. A high PER value

illustrates that the market value of the shares is high so that investors will believe that the company has

good prospects in the future (Jati & Jannah, 2022). The decline in share prices of transportation and

logistics companies was caused by a decline in the company's financial condition and this was a signal

to investors so that investors became more selective in transactions. The hotel sector also experienced

a decline in share prices and EPS. The company was unable to manage its assets and equity well during

the Covid-19 pandemic to generate profits, resulting in a decline in the EPS received by investors (Meidy

& Julica, 2023). The decline in tourists, both local and foreign, due to social restrictions is another factor

that has caused the share prices of transportation and hotel companies to decline (Febriani & Asroi,

2022).

METHODS

This research method involves a population consisting of transportation and logistics sector

companies as well as the hotel, resort and cruise ship sub-industry listed on the Indonesia Stock

Exchange (BEI) during the period 2018 – 2019 (before the Covid-19 pandemic) and 2020 – 2021 (during

the Covid-19 pandemic). The research sample was selected using a purposive sampling technique,

which resulted in 35 companies as samples, consisting of 18 transportation companies and 17 hotel

companies. This research is a type of quantitative research and uses secondary data obtained from

annual reports of the transportation and hospitality sectors listed on the IDX, by accessing the data via

the BEI website (www.idx.co.id).

The research variable in this study is financial performance, with a focus on comparing the

financial performance of transportation and hotel companies before and during the Covid-19 pandemic

period. In this context, the Covid-19 pandemic is considered an event that affects financial performance

over a certain time period. The variables used to measure financial performance consist of Return on

Assets (ROA), Current Ratio (CR), Debt to Equity Ratio (DER), and Price Earning Ratio (PER). ROA is

calculated using the formula ROA= EAT/(Total Assets)×100%, CR using the formula CR= (Current

Assets)/(Current Debt)×100%, DER using the formula DER= (Total Debt)/(Total Capital)×100 %, and

PER with the formula PER= (Market Share Price)/(Earnings per Share). These variables are used to

evaluate differences in company financial performance before and during the Covid-19 pandemic. All

indicators of the research variables are explained in Table 1.

Table 1. Variable Indicator

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Mutia Dea Haruya

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Variable

Indicator

Return on Assets (ROA)

𝑅𝑂𝐴 =

EAT

Total Aset

× 100%

Current Ratio (CR)

𝐶𝑅 =

Aktiva Lancar

Utang Lancar

× 100%

Debt to Equity Ratio

(DER)

𝐷𝐸𝑅 =

Total Utang

Total Modal

× 100%

Price Earning Ratio (PER)

PER =

Harga Saham di Pasar

𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒

RESULT

A. Descriptive Statistical Test

Descriptive statistical analysis is used to analyze data by describing data that has previously

been collected but does not intend to draw general conclusions (Sugiyono, 2019).

Table 2. Results of Descriptive Statistical Analysis

Minimum

Maximum

Mean

Std. Deviation

ROA_Prior

-61.75

10.52

-1.9657

11.95881

ROA_Current

-45.35

92.64

-3.3766

20.59405

CR_Previous

-13.50

1617.50

229.3900

333.85978

CR_Current

3.00

892.33

164.5020

201.00102

DER_Before

-733.89

370.00

61.6111

179.88807

DER_Current

-3431.62

2706.11

17.8447

766.19759

PER_Previous

-8986.41

3723.20

-1.1080

1756.49417

PER_Current

-690.97

8259.26

207.5977

1407.44253

Valid N (listwise)

Source: Data processed using SPSS 25, 2023

1. The average result of descriptive statistical analysis of 35 transportation and hospitality samples

studied on the ROA variable before the Covid-19 pandemic was -1.9657 with a standard deviation

value of 11.95881. The average result during the Covid-19 pandemic was -3.3766 with a standard

deviation value of 20.59405. This shows that the profitability value of the transportation and hotel

sectors experienced a decline during the Covid-19 pandemic in Indonesia.

2. The average result of descriptive statistical analysis of 35 transportation and hospitality samples

studied on the CR variable before the Covid-19 pandemic was 229.3900 with a standard deviation

value of 333.85978. The average result during the Covid-19 pandemic was 164.5020 with a

standard deviation value of 201.00102. This shows that the liquidity value of the transportation

and hotel sectors experienced a decline during the Covid-19 pandemic in Indonesia.

3. The average result of descriptive statistical analysis of 35 transportation and hospitality samples

studied on the DER variable before the Covid-19 pandemic was 61.6111 with a standard deviation

value of 179.88807. The average result during the Covid-19 pandemic was 17.8447 with a

standard deviation value of 766.19759. This shows that the solvency value of the transportation

and hotel sectors experienced a decline during the Covid-19 pandemic in Indonesia.

4. The average result of descriptive statistical analysis of 35 transportation and hospitality samples

studied on the PER variable before the Covid-19 pandemic was -1.1080 with a standard deviation

value of 1756.49417. The average result during the Covid-19 pandemic was 207.5977 with a

standard deviation value of 1407.44253. This shows that the market value of the transportation

and hotel sectors experienced an increase during the Covid-19 pandemic in Indonesia.

B. Normality test

The normality test using the Kolmogorov-Smirnov test was carried out with the aim of finding

out whether the data used in the research was normally distributed or not (Fatimah et al., 2021).

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IJSSR Page 2666

Table 3. Normality Test Results

Variable

Kolmogorov-Smirnov

Sig.

Assumption

Normality

Information

ROA_Prior

0,000

0.05

Not Normally Distributed

ROA_Current

0,000

0.05

Not Normally Distributed

CR_Previous

0,000

0.05

Not Normally Distributed

CR_Current

0,000

0.05

Not Normally Distributed

DER_Before

0,000

0.05

Not Normally Distributed

DER_Current

0,000

0.05

Not Normally Distributed

PER_Previous

0,000

0.05

Not Normally Distributed

PER_Current

0,000

0.05

Not Normally Distributed

Source: Data processed using SPSS 25, 2023

The description in Table 3 shows that all variables used in this study are not normally

distributed. This is indicated by a significance level (Sig.) smaller than 0.05, so the Wilcoxon Signed

Ranks Test will be carried out on all variables.

C. Test the Difference

1. Return on Assets (ROA)

The Wilcoxon Signed Ranks Return on Assets (ROA) hypothesis test for transportation and

hotel companies before and during the Covid-19 pandemic in Indonesia are shown in the

following table:

Table 4. Wilcoxon Signed Ranks ROA Results

Current_ROA - Previous_ROA

-3,546

Asymp. Sig. (2-tailed)

,000

Source: Data processed using SPSS 25, 2023

Based on the test results above, the results of the Wilcoxon Signed Ranks Test on the Return

on Assets variable show a significance value of 0.000, where the significance value is smaller than

0.05, which means H

is accepted. The first hypothesis which states “Return on Assets (ROA)

before the Covid-19 pandemic occurred was higher than during the Covid-19 pandemic" is

supported or accepted. Thus, it can be concluded that there is a difference in ROA between before

and during the Covid-19 pandemic in transportation and hotel companies where the profitability

value indicated by ROA before the Covid-19 pandemic is significantly higher than during the

Covid-19 pandemic in Indonesia.

2. Current Ratio (CR)

The Wilcoxon Signed Ranks Current Ratio (CR) hypothesis test for transportation and hotel

companies before and during the Covid-19 pandemic in Indonesia are shown in the following

table:

Table 5. Wilcoxon Signed Ranks CR Results

CR_Current - CR_Previous

-2,659

Asymp. Sig. (2-tailed)

,008

Source: Data processed using SPSS 25, 2023

Based on the test results above, the results of the Wilcoxon Signed Ranks Test on the

Current Ratio variable show a significance value of 0.008 where the significance value is smaller

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Mutia Dea Haruya

IJSSR Page 2667

than 0.05, which means H

is accepted. The second hypothesis which states " The Current Ratio

(CR) before the Covid-19 pandemic occurred was higher than during the Covid-19 pandemic" is

supported or accepted. Thus, it can be concluded that there is a difference in CR between

before and during the Covid-19 pandemic in transportation and hotel companies where the

liquidity value indicated by CR before the Covid-19 pandemic was significantly higher than

during the Covid-19 pandemic in Indonesia.

3. Debt to Equity Ratio (DER)

The Wilcoxon Signed Ranks Debt to Equity Ratio (DER) hypothesis test for transportation

and hotel companies before and during the Covid-19 pandemic in Indonesia are shown in the

following table:

Table 6. Wilcoxon Signed Ranks DER results

DER_Current - DER_Previous

-1,703

Asymp. Sig. (2-tailed)

,088

Source: Data processed using SPSS 25, 2023

Based on the test results above, the results of the Wilcoxon Signed Ranks Test on the Debt

to Equity Ratio variable show a significance value of 0.088, where the significance value is greater

than 0.05, which means H

is rejected. The third hypothesis which states “The Debt to Equity

Ratio (DER) before the Covid-19 pandemic occurred was lower than during the Covid-19

pandemic" is not supported or rejected. Thus, it can be concluded that the solvency value

indicated by the DER ratio before the Covid-19 pandemic occurred was not lower than during

the Covid-19 pandemic period.

4. Price Earning Ratio (PER)

The Wilcoxon Signed Ranks Price Earning Ratio (PER) hypothesis test for transportation

and hotel companies before and during the Covid-19 pandemic in Indonesia are shown in the

following table:

Table 7. Wilcoxon Signed Ranks PER results

PER_Current - PER_Previous

-.753

Asymp. Sig. (2-tailed)

,451

Source: Data processed using SPSS 25, 2023

Based on the test results above, the Wilcoxon Signed Ranks Test results on the Price Earning

Ratio variable show a significance value of 0.451 where the significance value is greater than

0.05, which means H

is rejected. The fourth hypothesis which states " The Price Earning Ratio

(PER) before the Covid-19 pandemic was higher than during the Covid-19 pandemic" is not

supported or rejected. Thus, it can be concluded that the market value indicated by the PER

ratio before the Covid-19 pandemic occurred was not higher than during the Covid-19 pandemic.

DISCUSSION

A. The ROA value of transportation and hospitality companies before the Covid-19 pandemic

was significantly higher than during the Covid-19 pandemic

The results of this research show that the Return on Assets (ROA) value before the Covid-19

pandemic occurred was significantly higher than during the Covid-19 pandemic. This shows that

there is a significant difference in ROA values between before and during the Covid-19 pandemic in

transportation and hotel companies in Indonesia. The profitability of transportation and hotel

companies as measured using ROA experienced a decline during the Covid-19 pandemic. This is

because during the Covid-19 pandemic transportation companies were not able to manage their

assets well so the companies were not able to generate profits. The decrease in ROA value was caused

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IJSSR Page 2668

by the implementation of the applicable PSBB and PPKM policies. Transportation companies

experience restrictions on maximum passenger capacity of 50% so that companies can only sell

tickets for 50% of the maximum capacity of a transportation fleet due to the social distancing policy.

This resulted in the income received by the company indirectly decreasing. Apart from that, the

Covid-19 pandemic, which is not only occurring in Indonesia, has had an impact on global supply

chains and resulted in delays in export and transportation activities to other countries. On the other

hand, hotels in Indonesia experienced a similar decline to transportation companies. The existence

of PSBB and PPKM policies as well as lockdown policies in several areas resulted in a decrease in

tourists and the closure of tourist attractions which then had an impact on hotel accommodation in

the surrounding areas. Limited space for people to move causes demand for hotel services to decline,

which then reduces company revenues and profits. This is in line with research Indraswono et al.

(2022), Natalia (2022), Indiraswati & Rahmayanti (2022), Yulianingtiyas (2022), Nguyen (2022),

Rachmawati et al., (2021), Knežević et al. (2022), Zainol & Salleh (2021).

B. The CR value of transportation and hospitality companies before the Covid-19 pandemic was

significantly higher than during the Covid-19 pandemic

The results of this research show that the Current Ratio (CR) value before the Covid-19

pandemic occurred was significantly higher than during the Covid-19 pandemic. This shows that

there is a significant difference in CR values between before and during the Covid-19 pandemic in

transportation and hotel companies in Indonesia. The liquidity of transportation and hotel

companies as measured using CR experienced a decline during the Covid-19 pandemic. This was due

to a decrease in cash inflows, receivables, and a decrease in other current assets as a result of the

Covid-19 pandemic. Refunds that must be made by transportation and hotel companies can reach

quite large amounts. However, available current assets have decreased due to mobility restrictions

and operational expenses that must be paid even though the transportation fleet and hotel room

accommodation cannot be used optimally. Several companies such as AirAsia Indonesia and Garuda

Indonesia (Persero) experienced a decline in revenue due to a decrease in passengers. Thus, the

funds available to meet short-term debt have decreased. On the other hand, hotels in Indonesia

experienced a decline in liquidity due to limited space for people to move around, so demand for

hotel room services decreased drastically, which then disrupted the company's cash flow. This

reservation cancellation occurred due to a ban on accepting foreign tourists, a lockdown in several

areas, and the suspension of all flights. High reservation cancellation rates cause disruption to hotel

cash flow which can then hamper hotel operations. Even though hotel accommodation is still allowed

to operate during the Covid-19 pandemic, its operational activities are regulated in the Minister of

Tourism and Creative Economy Regulation (Permenparekraf) Number 13 of 2020 and conform to

the applicable mobility restriction policies. The results of this study are in line with research Wardani

(2021), Rachmawati (2021), Daryanto et al. (2021), Ramadhani et al. (2022), and Rahayu (2023).

C. The DER value of transportation and hotel companies before the Covid-19 pandemic was not

lower than during the Covid-19 pandemic

Test results based on calculations that have been carried out show that the DER value of

transportation and hotel companies before the Covid-19 pandemic was not lower than during the

Covid-19 pandemic. At the start of the Covid-19 pandemic, the government implemented a strict

mobility restriction policy. However, as time went by and the number of daily cases began to

decrease, the government began to relax the policy that people were allowed to travel and

transportation companies could operate their fleets, even with a maximum of 50% of the total

passenger capacity. This is done so that passengers can keep their distance to reduce the spread of

Covid-19. Apart from that, companies tend to choose not to increase debt to meet funding needs but

rather to increase the company's capital. There are several hotel companies that are not only active

in the hotel sector so that the company can attract additional funds from other business activities.

Some of them, such as the MNC Land Company, are engaged in television, shopping and other sources

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IJSSR Page 2669

of income that do not only rely on the hotel business. Another company whose main business

activities are not only hotels, namely Jakarta Internasional Hotels & Development which operates in

the real estate sector by managing office buildings, malls, as well as apartments and

telecommunications services. Thus, the DER value of transportation and hotel companies before the

Covid-19 pandemic was not lower than during the Covid-19 pandemic. This research is supported by

research Yulianingtiyas (2022), Indiraswati & Rahmayanti (2022), VO & Tran (2021), Rachmawati et

al., (2021), and Damayanti & Aslanoglu (2022).

D. The PER value of transportation and hotel companies before the Covid-19 pandemic was not

higher than during the Covid-19 pandemic

Test results based on calculations that have been carried out show that the PER value of

transportation and hotel companies before the Covid-19 pandemic was not higher than during the

Covid-19 pandemic. There are several things that caused the PER value of transportation and hotel

companies before the Covid-19 pandemic to not be higher than during the Covid-19 pandemic.

During the Covid-19 pandemic, transportation and hotel companies were considered to still have

good prospects in the eyes of investors. This is caused by the decline in share prices in the market

not being comparable to the decline in EPS that occurred. Although EPS decreased drastically due to

transportation and hotel companies having difficulty generating profits, the share price per share in

the market did not experience a commensurate decline. Investors still see that transportation and

hospitality in Indonesia still have good growth prospects. This can be seen from the second year,

when the Covid-19 pandemic, transportation and hotel companies started to carry out business

activities again. Thus, the PER of transportation and hotel companies did not experience significant

differences during the Covid-19 pandemic. This research is supported by research Fachira & Saleh

(2022), Yanti & Frymaruwah (2022) and Amalia et al. (2021).

CONCLUSION

This research aims to see differences in the financial performance of companies in the

transportation and hospitality sectors before and during the Covid-19 pandemic in Indonesia. The

research results show that ROA and CR decreased significantly during the Covid-19 pandemic, while the

value of the DER variable before the Covid-19 pandemic was not lower than during the Covid-19

pandemic period and the PER value before the Covid-19 pandemic was not higher than during the Covid-

19 pandemic period. Covid-19 pandemic in Indonesia.

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