Working Capital Efficiency
The data from Quater 2 in 2020 to Quater 1 in 2021 includes 3 quarters.

Liabilities on Revenue
Year 2020 Quarter 2: Liabilities on Revenue 53.6 (%).Trend:Decrease 51.4% than previous quarter
Year 2020 Quarter 3: Liabilities on Revenue 33.09 (%).Trend:Decrease 38.26% than previous quarter
Year 2021 Quarter 1: Liabilities on Revenue 87.62 (%).Trend:Increase 164.79% than previous quarter

Overall: increasing (63.47%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2020 Quarter 2: Current assets on Revenue 64.41 (%).Trend:Decrease 49.31% than previous quarter
Year 2020 Quarter 3: Current assets on Revenue 41.51 (%).Trend:Decrease 35.55% than previous quarter
Year 2021 Quarter 1: Current assets on Revenue 119.02 (%).Trend:Increase 186.73% than previous quarter

Overall: increasing (84.78%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 2 in 2020 to Quater 1 in 2021 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2020 Quarter 2: Ratio of Retained Earnings to Revenue 50.48 (%).Trend:Decrease 42.91% than previous quarter
Year 2020 Quarter 3: Ratio of Retained Earnings to Revenue 24.26 (%).Trend:Decrease 51.94% than previous quarter
Year 2021 Quarter 1: Ratio of Retained Earnings to Revenue 73.89 (%).Trend:Increase 204.58% than previous quarter

Overall: increasing (46.37%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2020 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 15.72 (%).Trend:Increase 4.11% than previous quarter
Year 2020 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 15.09 (%).Trend:Decrease 4.01% than previous quarter
Year 2021 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 14.91 (%).Trend:Decrease 1.19% than previous quarter

Overall: decreasing (-5.15%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 2 in 2020 to Quater 1 in 2021 includes 3 quarters.

Retained Earning on Assets
Year 2020 Quarter 2: Retained Earning on Assets 35.76 (%).Trend:Increase 6.97% than previous quarter
Year 2020 Quarter 3: Retained Earning on Assets 26.53 (%).Trend:Decrease 25.81% than previous quarter
Year 2021 Quarter 1: Retained Earning on Assets 28.82 (%).Trend:Increase 8.63% than previous quarter

Overall: decreasing (-19.41%). Fluctuation: **Neutral** (moderate variation).

Earning Per Share
Year 2020 Quarter 2: Earning Per Share 1.0 (USD).Trend:Increase 0% than previous quarter
Year 2020 Quarter 3: Earning Per Share 1.0 (USD).Trend:Increase 0.0% than previous quarter
Year 2021 Quarter 1: Earning Per Share 0.82 (USD).Trend:Decrease 18.0% than previous quarter

Overall: decreasing (-18.0%). Fluctuation: **Little** (low variation).



Financial analysis from Q2 2020 to Q1 2021 indicates a mixed picture. Liabilities and current assets on revenue increased overall with high volatility. Cost efficiency, as measured by the ratio of retained earnings to revenue, shows an overall increase, but with high volatility.  Investment efficiency remained negative overall with moderate fluctuation.  Selling, general, and administrative (SG&A) expenses showed a slight overall decrease. Earnings per share also experienced a decrease with low volatility.