Working Capital Efficiency
The data from Quater 1 in 2023 to Quater 3 in 2023 includes 3 quarters.

Liabilities on Revenue
Year 2023 Quarter 1: Liabilities on Revenue 185.76 (%).Trend:Increase 175.24% than previous quarter
Year 2023 Quarter 2: Liabilities on Revenue 65.03 (%).Trend:Decrease 64.99% than previous quarter
Year 2023 Quarter 3: Liabilities on Revenue 40.01 (%).Trend:Decrease 38.47% than previous quarter

Overall: decreasing (-78.46%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2023 Quarter 1: Current assets on Revenue 446.35 (%).Trend:Increase 206.05% than previous quarter
Year 2023 Quarter 2: Current assets on Revenue 173.18 (%).Trend:Decrease 61.2% than previous quarter
Year 2023 Quarter 3: Current assets on Revenue 108.54 (%).Trend:Decrease 37.33% than previous quarter

Overall: decreasing (-75.68%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 1 in 2023 to Quater 3 in 2023 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2023 Quarter 1: Ratio of Retained Earnings to Revenue 191.93 (%).Trend:Increase 287.03% than previous quarter
Year 2023 Quarter 2: Ratio of Retained Earnings to Revenue 88.47 (%).Trend:Decrease 53.91% than previous quarter
Year 2023 Quarter 3: Ratio of Retained Earnings to Revenue 58.75 (%).Trend:Decrease 33.59% than previous quarter

Overall: decreasing (-69.39%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2023 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 10.55 (%).Trend:Increase 27.26% than previous quarter
Year 2023 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 9.87 (%).Trend:Decrease 6.45% than previous quarter
Year 2023 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 10.18 (%).Trend:Increase 3.14% than previous quarter

Overall: decreasing (-3.51%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 1 in 2023 to Quater 3 in 2023 includes 3 quarters.

Retained Earning on Assets
Year 2023 Quarter 1: Retained Earning on Assets 39.05 (%).Trend:Increase 25.81% than previous quarter
Year 2023 Quarter 2: Retained Earning on Assets 45.67 (%).Trend:Increase 16.95% than previous quarter
Year 2023 Quarter 3: Retained Earning on Assets 48.08 (%).Trend:Increase 5.28% than previous quarter

Overall: increasing (23.12%). Fluctuation: **Neutral** (moderate variation).

Earning Per Share
Year 2023 Quarter 1: Earning Per Share 0.5 (USD).Trend:Decrease 78.17% than previous quarter
Year 2023 Quarter 2: Earning Per Share 0.81 (USD).Trend:Increase 62.0% than previous quarter
Year 2023 Quarter 3: Earning Per Share 1.36 (USD).Trend:Increase 67.9% than previous quarter

Overall: increasing (172.0%). Fluctuation: **Significant** (high variation).



Financial analysis for Q1 2023 to Q3 2023 shows significant declines in working capital efficiency. Liabilities on revenue decreased by 78.46%, while current assets on revenue decreased by 75.68%.  Cost efficiency, as measured by the ratio of retained earnings to revenue, declined by 69.39%, reflecting significant volatility.  The Selling, General, and Administrative (SG&A) expense ratio, however, decreased by only 3.51%, indicating relative stability. Investment efficiency shows a 23.12% increase in retained earnings on assets, with a stable trend. Earnings per share increased significantly by 172%.