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 24.12 (%).Trend:Decrease 29.64% than previous quarter
Year 2021 Quarter 1: Liabilities on Revenue 89.76 (%).Trend:Increase 272.14% than previous quarter
Year 2021 Quarter 2: Liabilities on Revenue 43.83 (%).Trend:Decrease 51.17% than previous quarter

Overall: increasing (81.72%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2020 Quarter 3: Current assets on Revenue 24.75 (%).Trend:Decrease 30.71% than previous quarter
Year 2021 Quarter 1: Current assets on Revenue 75.92 (%).Trend:Increase 206.75% than previous quarter
Year 2021 Quarter 2: Current assets on Revenue 37.8 (%).Trend:Decrease 50.21% than previous quarter

Overall: increasing (52.73%). 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 -26.25 (%).Trend:Decrease 28.86% than previous quarter
Year 2021 Quarter 1: Ratio of Retained Earnings to Revenue -119.52 (%).Trend:Increase 355.31% than previous quarter
Year 2021 Quarter 2: Ratio of Retained Earnings to Revenue -57.78 (%).Trend:Decrease 51.66% than previous quarter

Overall: decreasing (120.11%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2020 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 30.32 (%).Trend:Decrease 1.04% than previous quarter
Year 2021 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 26.21 (%).Trend:Decrease 13.56% than previous quarter
Year 2021 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 26.98 (%).Trend:Increase 2.94% than previous quarter

Overall: decreasing (-11.02%). 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 -20.04 (%).Trend:Increase 5.7% than previous quarter
Year 2021 Quarter 1: Retained Earning on Assets -30.41 (%).Trend:Increase 51.75% than previous quarter
Year 2021 Quarter 2: Retained Earning on Assets -30.72 (%).Trend:Increase 1.02% than previous quarter

Overall: decreasing (53.29%). Fluctuation: **Significant** (high variation).

Earning Per Share
Year 2020 Quarter 3: Earning Per Share -4.0 (USD).Trend:Increase 33.33% than previous quarter
Year 2021 Quarter 1: Earning Per Share -1.06 (USD).Trend:Decrease 73.5% than previous quarter
Year 2021 Quarter 2: Earning Per Share -0.95 (USD).Trend:Decrease 10.38% than previous quarter

Overall: increasing (-76.25%). Fluctuation: **Significant** (high variation).



Financial statements from Q3 2020 to Q2 2021 depict a mixed financial picture, marked by both improvement and volatility.  Working capital efficiency (liabilities and current assets on revenue) show an overall upward trend, but with considerable fluctuations, implying unstable cash flow.  Cost efficiency, indicated by the ratio of retained earnings to revenue, shows a substantial decrease with considerable variation, suggesting ongoing profitability concerns.  Selling, general, and administrative expenses show a controlled decrease. Investment efficiency (retained earnings on assets) also exhibits significant volatility in a negative direction.  Earnings per share show a positive, but still volatile trend.  Further assessment of underlying causes is crucial.