Özet:

In this study, Turkish Airways A.S. and Pegasus Airways A.S. are traded in Borsa Istanbul (BIST). by S.The financial performance of the 2013-2017 period has been studied by the analysis of the ration (or) for the period. The airlines have taken advantage of the companies’ balance sheets and income tables to analyze the financial performance of the airlines. The financial statements of the companies in question have been taken from the Public Lighting Platform (KAP). The data obtained from the CAP were used in the calculation of 17 per cent according to the purpose of the study. The stock exchange performance rates are not included in the work, the application work is done with the help of Microsoft (MS) Excel computer program (software). According to the findings, Turkish Airways A. by S.The liquidity rates of Pegasus Airways A. by S.It is lower than it is. At the same time, Pegasus Airways A.S., Turkish Airways A.S. in terms of net work capital and debt payment power. by S.He is more successful. In general, both companies perform their activities effectively. The return of the stocks that the own and the receipts are also a high rate of taxation and a stable journey has been followed for years. When the asset conversion rate that measures the use efficiency of assets is studied, both companies are generally successful. The Turkish Airways A. by S.The debt ratio, Pegasus Airlines A. by S.It is higher than that. Both companies have preferred the method of long-term debt and self-resources in the permanent asset financing, and have made the right financing decision. When the profit rate is examined, both companies have a variation of profitability over the period. The profitability of both companies is close to each other. Companies are profitable in their main activities. The Turkish Airways A.S. is concerned with the car rate. Both companies have a high debt rate. If we’re going to compare between two companies, Pegasus Airlines A. by S.The Turkish Airways A. by S.The financial performance is high and is more attractive in terms of investment.

Özet:

This study investigated the financial performance of Borsa İstanbul (İstanbul Stock Exchange - BİST) listed firms named Turkish Airlines and Pegasus Airlines for the 2013-2017 period with ratio analysis. Balance sheets and income statements were used to analyze the financial performance of two airline firms. The mentioned financial statements of Turkish Airlines and Pegasus Airlines were retrieved from Public Disclosure Platform (KAP). Data gathered from Public Disclosure Platform (KAP) were utilized to calculate 17 ratios parallel to the aim of study. Stock exchange performance ratios were not included to the study and calculations were done using Microsoft (MS) Excel computer program (software). According to the findings of research, liqudity ratios of Turkish Airlines are lower than Pegasus Airlines. Also, net working capital and debt paying performance of Pegasus Airlines is better than Turkish Airlines. In general, it is determined that both firms are running their operations efficiently. Inventory turnover and receivables turnover ratios of Turkish Airlines and Pegasus Airlines are both high, having a steady trend through years. Concerning the assets turnover ratio which measures the efficiency of assets, both firms are successful in general. The debt ratio of Turkish Airlines is higher than Pegasus Airlines. Both firms are financing their fixed assets with long term liabilities and owner’s equity, which is a correct financial decision. When profitability ratios are analyzed, it is seen that profitabilities of Turkish Airlines and Pegasus Airlines fluctuate over the years. Moreover, profitabilities of both firms are close to each other. Furthermore, both companies are profitable in terms of main area of activity. Turkish Airlines experiences problems regarding the current ratio. It is also observed that, debt ratios of both firms are high. When the two airline firms are compared, it is realized that financial performance of Pegasus Airlines is higher than Turkish Airlines, making it more attractive for investment.

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