Working Capital Efficiency
The data from Quater 2 in 2022 to Quater 3 in 2023 includes 3 quarters.

Liabilities on Revenue
Year 2022 Quarter 2: Liabilities on Revenue 52.05 (%).Trend:Decrease 54.81% than previous quarter
Year 2023 Quarter 2: Liabilities on Revenue 50.96 (%).Trend:Decrease 2.09% than previous quarter
Year 2023 Quarter 3: Liabilities on Revenue 32.19 (%).Trend:Decrease 36.83% than previous quarter

Overall: decreasing (-38.16%). Fluctuation: **Neutral** (moderate variation).

Current assets on Revenue
Year 2022 Quarter 2: Current assets on Revenue 128.97 (%).Trend:Decrease 52.66% than previous quarter
Year 2023 Quarter 2: Current assets on Revenue 117.28 (%).Trend:Decrease 9.06% than previous quarter
Year 2023 Quarter 3: Current assets on Revenue 84.56 (%).Trend:Decrease 27.9% than previous quarter

Overall: decreasing (-34.43%). Fluctuation: **Neutral** (moderate variation).


Cost Efficiency
The data from Quater 2 in 2022 to Quater 3 in 2023 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2022 Quarter 2: Ratio of Retained Earnings to Revenue -94.76 (%).Trend:Decrease 54.12% than previous quarter
Year 2023 Quarter 2: Ratio of Retained Earnings to Revenue -87.61 (%).Trend:Decrease 7.55% than previous quarter
Year 2023 Quarter 3: Ratio of Retained Earnings to Revenue -59.38 (%).Trend:Decrease 32.22% than previous quarter

Overall: increasing (-37.34%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2022 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 13.75 (%).Trend:Decrease 7.28% than previous quarter
Year 2023 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 12.91 (%).Trend:Decrease 6.11% than previous quarter
Year 2023 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 13.54 (%).Trend:Increase 4.88% than previous quarter

Overall: decreasing (-1.53%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 2 in 2022 to Quater 3 in 2023 includes 3 quarters.

Retained Earning on Assets
Year 2022 Quarter 2: Retained Earning on Assets -25.08 (%).Trend:Decrease 8.43% than previous quarter
Year 2023 Quarter 2: Retained Earning on Assets -22.6 (%).Trend:Decrease 9.89% than previous quarter
Year 2023 Quarter 3: Retained Earning on Assets -21.21 (%).Trend:Decrease 6.15% than previous quarter

Overall: increasing (-15.43%). Fluctuation: **Significant** (high variation).

Earning Per Share


The financial analysis demonstrates a consistent negative trend across various efficiency metrics from Q2 2022 to Q3 2023. Liabilities and current assets on revenue are both declining, indicating improvements in working capital. However, the ratio of retained earnings to revenue shows a significant, ongoing negative trend, highlighting persistent cost efficiency challenges. Selling, General, and Administrative (SG&A) expenses are decreasing, demonstrating potentially effective cost control measures. Investment efficiency, as measured by retained earnings on assets, is also decreasing, suggesting challenges in capital utilization.