The impact of COVID-19 pandemic on financial performance of the hotel companies listed on the Stock Exchange of Thailand

บทคัดย่อ

PURPOSES: To analyze and compare financial performance of the hotel companies listed on The Stock Exchange of Thailand (SET) between the periods of normal situation and COVID-19 pandemic situation. METHODS: Quantitative research. The samples were ten hotels which operated continuously during the four year period (2018 – 2021). The financial ratios employed to analyze financial performance comprise four categories were liquidity, asset management, solvency, and profitability. The data analysis utilized the paired t-test to compare the average ratios between the normal period (2018 – 2019) and the pandemic period (2020 – 2021). RESULTS: There were significant differences of the average ratios between the two periods in all categories except the liquidity ones. THEORETICAL/POLICY IMPLICATIONS: The improvements of financial performance in the areas of asset management, solvency, and profitability would help the hotels to achieve operational success in the future.