Working Capital Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2022 includes 3 quarters.

Liabilities on Revenue
Year 2022 Quarter 1: Liabilities on Revenue 86.92 (%).Trend:Increase 148.2% than previous quarter
Year 2022 Quarter 2: Liabilities on Revenue 50.15 (%).Trend:Decrease 42.3% than previous quarter
Year 2022 Quarter 3: Liabilities on Revenue 34.39 (%).Trend:Decrease 31.43% than previous quarter

Overall: decreasing (-60.43%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2022 Quarter 1: Current assets on Revenue 127.07 (%).Trend:Increase 285.29% than previous quarter
Year 2022 Quarter 2: Current assets on Revenue 57.77 (%).Trend:Decrease 54.54% than previous quarter
Year 2022 Quarter 3: Current assets on Revenue 49.02 (%).Trend:Decrease 15.15% than previous quarter

Overall: decreasing (-61.42%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2022 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2022 Quarter 1: Ratio of Retained Earnings to Revenue -29.28 (%).Trend:Increase 358.93% than previous quarter
Year 2022 Quarter 2: Ratio of Retained Earnings to Revenue -14.84 (%).Trend:Decrease 49.32% than previous quarter
Year 2022 Quarter 3: Ratio of Retained Earnings to Revenue -10.39 (%).Trend:Decrease 29.99% than previous quarter

Overall: increasing (-64.52%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2022 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 14.11 (%).Trend:Increase 38.47% than previous quarter
Year 2022 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 11.31 (%).Trend:Decrease 19.84% than previous quarter
Year 2022 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 10.79 (%).Trend:Decrease 4.6% than previous quarter

Overall: decreasing (-23.53%). Fluctuation: **Neutral** (moderate variation).


Invest Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2022 includes 3 quarters.

Retained Earning on Assets
Year 2022 Quarter 1: Retained Earning on Assets -10.39 (%).Trend:Increase 20.25% than previous quarter
Year 2022 Quarter 2: Retained Earning on Assets -12.56 (%).Trend:Increase 20.89% than previous quarter
Year 2022 Quarter 3: Retained Earning on Assets -12.18 (%).Trend:Decrease 3.03% than previous quarter

Overall: decreasing (17.23%). Fluctuation: **Significant** (high variation).

Earning Per Share
Year 2022 Quarter 1: Earning Per Share -0.15 (USD).Trend:Decrease 287.5% than previous quarter
Year 2022 Quarter 2: Earning Per Share -0.54 (USD).Trend:Increase 260.0% than previous quarter
Year 2022 Quarter 3: Earning Per Share -0.74 (USD).Trend:Increase 37.04% than previous quarter

Overall: decreasing (393.33%). Fluctuation: **Significant** (high variation).



From Q1 2022 to Q3 2022, the company experienced a period of declining financial health. Both working capital metrics, Liabilities and Current Assets on Revenue, decreased substantially with significant volatility. While the Ratio of Retained Earnings to Revenue increased, it remained negative, indicating continued challenges with profitability. SG&A expenses showed a moderate decrease. Investment efficiency, measured by Retained Earning on Assets, continued to decline. A dramatic decrease in Earnings Per Share is a major concern. The prevalence of “Significant” fluctuation ratings across most metrics suggests underlying instability and a need for proactive management attention.