The airline industry in Indonesia has experienced significant financial stress during the COVID-19 pandemic, with many companies facing the risk of Financial Distress that could lead to bankruptcy. This study aims to analyze the financial health of airlines listed on the Indonesia Stock Exchange in the 2019-2023 period, using three Financial Distress prediction models: Altman Z-Score, Grover (G-Score), and Zmijewski (X-Score). These three models assess financial conditions based on aspects of liquidity, profitability, and solvency to provide a comprehensive picture of the company's level of financial health in the face of post-pandemic economic challenges. This study uses airline financial statement data to calculate the scores of each model. The results of the analysis show that there is significant variation in each model's ability to identify Financial Distress, with some airlines showing signs of recovery while others are still struggling to survive. The study also uncovered key factors affecting airlines' financial sustainability, including regulatory policy changes, operational strategy adjustments, as well as to post-pandemic shifts in consumer preferences. By providing in-depth insight into the financial condition of the airline industry, this study contributes to company management in designing risk mitigation strategies, as well as to investors and policymakers in making data-driven decisions. The results of this study are expected to serve as a reference in improving the financial resilience of the Indonesian airline industry in the future.
Mononimbar et al. (Wed,) studied this question.