Working Capital Efficiency
The data from Quater 3 in 2020 to Quater 2 in 2021 includes 3 quarters.

Liabilities on Revenue
Year 2020 Quarter 3: Liabilities on Revenue 66.68 (%).Trend:Decrease 28.85% than previous quarter
Year 2021 Quarter 1: Liabilities on Revenue 77.05 (%).Trend:Increase 15.55% than previous quarter
Year 2021 Quarter 2: Liabilities on Revenue 40.93 (%).Trend:Decrease 46.88% than previous quarter

Overall: decreasing (-38.62%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2020 Quarter 3: Current assets on Revenue 443.36 (%).Trend:Decrease 31.72% than previous quarter
Year 2021 Quarter 1: Current assets on Revenue 1870.29 (%).Trend:Increase 321.84% than previous quarter
Year 2021 Quarter 2: Current assets on Revenue 859.54 (%).Trend:Decrease 54.04% than previous quarter

Overall: increasing (93.87%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 3 in 2020 to Quater 2 in 2021 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2020 Quarter 3: Ratio of Retained Earnings to Revenue -127.03 (%).Trend:Decrease 27.8% than previous quarter
Year 2021 Quarter 1: Ratio of Retained Earnings to Revenue -292.71 (%).Trend:Increase 130.43% than previous quarter
Year 2021 Quarter 2: Ratio of Retained Earnings to Revenue -165.82 (%).Trend:Decrease 43.35% than previous quarter

Overall: decreasing (30.54%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2020 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 73.15 (%).Trend:Increase 2.67% than previous quarter
Year 2021 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 79.61 (%).Trend:Increase 8.83% than previous quarter
Year 2021 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 85.54 (%).Trend:Increase 7.45% than previous quarter

Overall: increasing (16.94%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 3 in 2020 to Quater 2 in 2021 includes 3 quarters.

Retained Earning on Assets
Year 2020 Quarter 3: Retained Earning on Assets -27.38 (%).Trend:Increase 4.07% than previous quarter
Year 2021 Quarter 1: Retained Earning on Assets -15.27 (%).Trend:Decrease 44.23% than previous quarter
Year 2021 Quarter 2: Retained Earning on Assets -17.35 (%).Trend:Increase 13.62% than previous quarter

Overall: increasing (-36.63%). Fluctuation: **Significant** (high variation).

Earning Per Share
Year 2020 Quarter 3: Earning Per Share -0.29 (USD).Trend:Increase 0% than previous quarter
Year 2021 Quarter 1: Earning Per Share -0.17 (USD).Trend:Decrease 41.38% than previous quarter
Year 2021 Quarter 2: Earning Per Share -0.52 (USD).Trend:Increase 205.88% than previous quarter

Overall: decreasing (79.31%). Fluctuation: **Significant** (high variation).



The financial data from Q3 2020 to Q2 2021 presents a mixed picture. While current assets relative to revenue significantly increased (93.87%), liabilities on revenue decreased (-38.62%), indicating improved working capital management despite substantial fluctuations. However, retained earnings remain negative and are decreasing (-30.54%), and SG&A expenses are rising (16.94%) with consistent, though limited, variation. Investment efficiency metrics show negative trends, with decreasing retained earnings on assets (-36.63%) and a substantial decline in earnings per share (-79.31%). This suggests underlying profitability issues despite positive working capital trends.