Analysis of the Impact of COVID-19 on Public Transportation Firms’ Business Situation

Abstract

In this study, to determine the impact of COVID-19 on public transportation, we compiled the financial statements disclosed by Japanese listed transportation operators and analyzed their operating revenues and operating income. In addition, we newly analyzed the status of assets and liabilities, using borrowings, cash, and fixed assets as indicators. The results indicate that transportation operators have been able to avoid shutting down public transportation services by securing working capital through borrowings, although their revenues and losses have continued to decline.