Working Capital Efficiency
The data from Quater 3 in 2022 to Quater 3 in 2023 includes 3 quarters.

Liabilities on Revenue
Year 2022 Quarter 3: Liabilities on Revenue 59.79 (%).Trend:Decrease 36.94% than previous quarter
Year 2023 Quarter 2: Liabilities on Revenue 97.01 (%).Trend:Increase 62.25% than previous quarter
Year 2023 Quarter 3: Liabilities on Revenue 64.32 (%).Trend:Decrease 33.7% than previous quarter

Overall: increasing (7.58%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2022 Quarter 3: Current assets on Revenue 63.66 (%).Trend:Decrease 35.99% than previous quarter
Year 2023 Quarter 2: Current assets on Revenue 93.82 (%).Trend:Increase 47.38% than previous quarter
Year 2023 Quarter 3: Current assets on Revenue 53.63 (%).Trend:Decrease 42.84% than previous quarter

Overall: decreasing (-15.76%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 3 in 2022 to Quater 3 in 2023 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2022 Quarter 3: Ratio of Retained Earnings to Revenue -113.1 (%).Trend:Decrease 30.0% than previous quarter
Year 2023 Quarter 2: Ratio of Retained Earnings to Revenue -177.83 (%).Trend:Increase 57.23% than previous quarter
Year 2023 Quarter 3: Ratio of Retained Earnings to Revenue -130.6 (%).Trend:Decrease 26.56% than previous quarter

Overall: decreasing (15.47%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2022 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 35.37 (%).Trend:Increase 2.34% than previous quarter
Year 2023 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 34.12 (%).Trend:Decrease 3.53% than previous quarter
Year 2023 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 34.59 (%).Trend:Increase 1.38% than previous quarter

Overall: decreasing (-2.21%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 3 in 2022 to Quater 3 in 2023 includes 3 quarters.

Retained Earning on Assets
Year 2022 Quarter 3: Retained Earning on Assets -83.55 (%).Trend:Increase 5.84% than previous quarter
Year 2023 Quarter 2: Retained Earning on Assets -89.25 (%).Trend:Increase 6.82% than previous quarter
Year 2023 Quarter 3: Retained Earning on Assets -103.28 (%).Trend:Increase 15.72% than previous quarter

Overall: decreasing (23.61%). Fluctuation: **Significant** (high variation).

Earning Per Share
Year 2022 Quarter 3: Earning Per Share 0.39 (USD).Trend:Increase 25.81% than previous quarter
Year 2023 Quarter 2: Earning Per Share 0.56 (USD).Trend:Increase 43.59% than previous quarter
Year 2023 Quarter 3: Earning Per Share 0.69 (USD).Trend:Increase 23.21% than previous quarter

Overall: increasing (76.92%). Fluctuation: **Significant** (high variation).



Financial analysis of three quarters (Q3 2022 to Q3 2023) reveals fluctuating trends in working capital efficiency, liabilities, and current assets on revenue. Liabilities on revenue showed a decrease in Q3 2022 then increased in Q2 2023 before decreasing again in Q3 2023. Current assets on revenue decreased in Q3 2022, increased in Q2 2023, and then decreased further in Q3 2023.  Overall, liabilities show an increase, while current assets show a decrease. Cost efficiency, measured by the ratio of retained earnings to revenue, is declining.  Selling, General & Administrative (SG&A) expense ratio shows a slight overall decrease.  Investment efficiency, measured by retained earnings on assets, also shows a significant decrease. Earnings per share, however, are increasing.  All categories show significant fluctuation.