The impact of the Covid-19 Pandemic on financial performance of airlines’ in terms of expenses and profitability: Turkish Airlines and Pegasus

Faruk Dayı; Issa Rajab Ali Mousa

Makale detayları

The impact of the Covid-19 Pandemic on financial performance of airlines’ in terms of expenses and profitability: Turkish Airlines and Pegasus

Yazarlar:

Faruk Dayı | Issa Rajab Ali Mousa

Yayıncı:

Balıkesir University

Ana Başlıklar:

İşletme

Dergi:

Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 51, pp.73-87

Belge Tipi:

Makale

Yayın Tarihi:

6/2024

Belge Dili:

İngilizce

Document ID (Org No.):

2001315916

pISSN:

1301-5265

Anahtar kelimeler:

Özet:

 The Covid-19 pandemic has had a detrimental impact on social, political, and economic facets, precipitating substantial shifts in societal structures and economic frameworks. The pandemic has also taken a toll on the airline passenger transportation sector. During the pandemic, airline travel underwent regulation, with reduced seat capacities and a transition from wide to narrow-body aircraft. Throughout this period, airline revenues experienced a decline while expenses escalated, causing a significant imbalance between income and expenses. This imbalance led to losses in operating activities for airlines. This study investigated the impact of the pandemic on airlines expenses. Data were collected from the 2019-2022 financial statements of Turkish Airlines THY and Pegasus PGSUS, which are traded on Borsa Istanbul. The study focused on revenues, costs of sales, gross profit, general administrative expenses, marketing costs, operating profitslosses, financing costs, profitslosses before tax from continuing operations, and net period profitslosses for the financial year. Trend, vertical, and ratio analyses were performed to evaluate the findings. The results showed that the expenses of and Pegasus increased drastically during the pandemic. Their revenues started to rise in 2021 and increased drastically in 2022. While they suffered losses due to high expenses during the pandemic, they showed a better profitability performance in 2022 than before the pandemic.

 The Covid-19 pandemic has had a detrimental impact on social, political, and economic facets, precipitating substantial shifts in societal structures and economic frameworks. The pandemic has also taken a toll on the airline passenger transportation sector. During the pandemic, airline travel underwent regulation, with reduced seat capacities and a transition from wide to narrow-body aircraft. Throughout this period, airline revenues experienced a decline while expenses escalated, causing a significant imbalance between income and expenses. This imbalance led to losses in operating activities for airlines. This study investigated the impact of the pandemic on airlines expenses. Data were collected from the 2019-2022 financial statements of Turkish Airlines THY and Pegasus PGSUS, which are traded on Borsa Istanbul. The study focused on revenues, costs of sales, gross profit, general administrative expenses, marketing costs, operating profitslosses, financing costs, profitslosses before tax from continuing operations, and net period profitslosses for the financial year. Trend, vertical, and ratio analyses were performed to evaluate the findings. The results showed that the expenses of and Pegasus increased drastically during the pandemic. Their revenues started to rise in 2021 and increased drastically in 2022. While they suffered losses due to high expenses during the pandemic, they showed a better profitability performance in 2022 than before the pandemic.

 The Covid-19 pandemic has had a detrimental impact on social, political, and economic facets, precipitating substantial shifts in societal structures and economic frameworks. The pandemic has also taken a toll on the airline passenger transportation sector. During the pandemic, airline travel underwent regulation, with reduced seat capacities and a transition from wide to narrow-body aircraft. Throughout this period, airline revenues experienced a decline while expenses escalated, causing a significant imbalance between income and expenses. This imbalance led to losses in operating activities for airlines. This study investigated the impact of the pandemic on airlines expenses. Data were collected from the 2019-2022 financial statements of Turkish Airlines THY and Pegasus PGSUS, which are traded on Borsa Istanbul. The study focused on revenues, costs of sales, gross profit, general administrative expenses, marketing costs, operating profitslosses, financing costs, profitslosses before tax from continuing operations, and net period profitslosses for the financial year. Trend, vertical, and ratio analyses were performed to evaluate the findings. The results showed that the expenses of and Pegasus increased drastically during the pandemic. Their revenues started to rise in 2021 and increased drastically in 2022. While they suffered losses due to high expenses during the pandemic, they showed a better profitability performance in 2022 than before the pandemic.

 Covid-19 Pandemisi toplum sağlığına verdiği zararın yanı sıra sosyal, siyasal ve iktisadi hayatı da olumsuz yönde etkileyerek toplum yapısında ve ekonomik düzende önemli değişimlere neden olmuştur. Havayolu yolcu taşımacılık sektörü de pandemiden olumsuz yönde etkilenmiştir. Pandemi ile birlikte havayolu seyahatleri kurallara bağlanmış, koltuk kapasiteleri azaltılmış ve geniş gövdeli uçaklardan dar gövdeli uçaklara doğru bir geçiş yaşanmıştır. Bu dönemde havayolu şirketlerinin gelirleri azalmış, giderleri ise artmış ve gelir gider dengesi bozularak esas faaliyetlerden zarar edilmesine neden olmuştur. Bu hususla çalışmada pandeminin havayolu şirketlerinin giderlerine etkisinin incelenmesi amaçlanmıştır. Borsa İstanbulda işlem gören Türk Hava Yolları THY ve Pegasus PGSUS 2019-2022 dönemi finansal tablo verilerinden yararlanılmıştır. Hasılat, satışların maliyeti, brüt kar, genel yönetim giderleri, pazarlama giderleri, esas faaliyet karızararı, finansman giderleri, sürdürülebilir faaliyetler vergi öncesi karzararı ve dönem karızararı verileri kullanılmıştır. Trend, dikey ve oran analizi yapılarak bulgular değerlendirilmiştir. Analiz sonucunda pandemi döneminde şirketlerin giderlerinin anormal bir şekilde arttığı tespit edilmiştir. Şirketlerin hasılatlarının 2021 yılı itibariyle yükselmeye başladığı, 2022 yılında ise anormal bir oranda artış gösterdiği belirlenmiştir. Pandemi de yüksek tutarlarda giderlere katlanarak zarar eden şirketlerin, 2022 yılında pandemi önceki dönemden daha iyi bir karlılık performansı gösterdikleri bulgulanmıştır.

Makale detayları

The impact of the Covid-19 Pandemic on financial performance of airlines’ in terms of expenses and profitability: Turkish Airlines and Pegasus

Yazarlar:

Faruk Dayı | Issa Rajab Ali Mousa

Yayıncı:

Balıkesir University

Ana Başlıklar:

İşletme

Dergi:

Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 51, pp.73-87

Belge Tipi:

Makale

Yayın Tarihi:

6/2024

Belge Dili:

İngilizce

Document ID (Org No.):

2001315916

pISSN:

1301-5265

Airlines

Expenses

Profitability

Financial Analysis

Financial PerformanceHavayolu Şirketleri

Giderler

Karlılık

Finansal Analiz

Finansal Performans

Sayı

Makale detayları

Yazarlar: Faruk Dayı | Issa Rajab Ali Mousa

Yayıncı: Balıkesir University

Ana Başlıklar: İşletme

Dergi: Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 51, pp.73-87

Belge Tipi: Makale

Yayın Tarihi: 6/2024

Belge Dili: İngilizce

Document ID (Org No.): 2001315916

pISSN: 1301-5265

Sayı

Yazarlar:

Faruk Dayı | Issa Rajab Ali Mousa

Yayıncı:

Balıkesir University

Ana Başlıklar:

İşletme

Dergi:

Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi Vol.27 Issue 51, pp.73-87

Belge Tipi:

Makale

Yayın Tarihi:

6/2024

Belge Dili:

İngilizce

Document ID (Org No.):

2001315916

pISSN:

1301-5265