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 31.53 (%).Trend:Decrease 37.48% than previous quarter
Year 2020 Quarter 3: Liabilities on Revenue 22.03 (%).Trend:Decrease 30.13% than previous quarter
Year 2021 Quarter 1: Liabilities on Revenue 52.86 (%).Trend:Increase 139.95% than previous quarter

Overall: increasing (67.65%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2020 Quarter 2: Current assets on Revenue 39.32 (%).Trend:Decrease 29.86% than previous quarter
Year 2020 Quarter 3: Current assets on Revenue 26.87 (%).Trend:Decrease 31.66% than previous quarter
Year 2021 Quarter 1: Current assets on Revenue 66.67 (%).Trend:Increase 148.12% than previous quarter

Overall: increasing (69.56%). 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 58.6 (%).Trend:Decrease 36.17% than previous quarter
Year 2020 Quarter 3: Ratio of Retained Earnings to Revenue 36.54 (%).Trend:Decrease 37.65% than previous quarter
Year 2021 Quarter 1: Ratio of Retained Earnings to Revenue 71.43 (%).Trend:Increase 95.48% than previous quarter

Overall: increasing (21.89%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2020 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 2.29 (%).Trend:Increase 49.67% than previous quarter
Year 2020 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 2.33 (%).Trend:Increase 1.75% than previous quarter
Year 2021 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 1.89 (%).Trend:Decrease 18.88% than previous quarter

Overall: decreasing (-17.47%). Fluctuation: **Neutral** (moderate 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 34.17 (%).Trend:Decrease 4.69% than previous quarter
Year 2020 Quarter 3: Retained Earning on Assets 32.12 (%).Trend:Decrease 6.0% than previous quarter
Year 2021 Quarter 1: Retained Earning on Assets 27.84 (%).Trend:Decrease 13.33% than previous quarter

Overall: decreasing (-18.53%). Fluctuation: **Neutral** (moderate variation).

Earning Per Share
Year 2020 Quarter 2: Earning Per Share -6.0 (USD).Trend:Increase 6.01% than previous quarter
Year 2020 Quarter 3: Earning Per Share -7.83 (USD).Trend:Increase 30.5% than previous quarter
Year 2021 Quarter 1: Earning Per Share -1.49 (USD).Trend:Decrease 80.97% than previous quarter

Overall: increasing (-75.17%). Fluctuation: **Significant** (high variation).



Financial analysis from Q2 2020 to Q1 2021 reveals mixed results with considerable volatility.  Working capital efficiency, as evidenced by liabilities and current assets on revenue, saw an initial decrease followed by a substantial increase. Cost efficiency, measured by the retained earnings-to-revenue ratio, showed an increase, though with significant variation. SG&A expense ratio declined overall, while investment efficiency (retained earnings on assets) and earnings per share exhibited negative overall trends with substantial fluctuation.