Working Capital Efficiency
The data from Quater 3 in 2019 to Quater 2 in 2020 includes 3 quarters.

Liabilities on Revenue
Year 2019 Quarter 3: Liabilities on Revenue 50.44 (%).Trend:Decrease 30.01% than previous quarter
Year 2020 Quarter 1: Liabilities on Revenue 231.65 (%).Trend:Increase 359.26% than previous quarter
Year 2020 Quarter 2: Liabilities on Revenue 108.89 (%).Trend:Decrease 52.99% than previous quarter

Overall: increasing (115.88%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2019 Quarter 3: Current assets on Revenue 43.05 (%).Trend:Decrease 22.57% than previous quarter
Year 2020 Quarter 1: Current assets on Revenue 118.01 (%).Trend:Increase 174.12% than previous quarter
Year 2020 Quarter 2: Current assets on Revenue 64.2 (%).Trend:Decrease 45.6% than previous quarter

Overall: increasing (49.13%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 3 in 2019 to Quater 2 in 2020 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2019 Quarter 3: Ratio of Retained Earnings to Revenue 214.3 (%).Trend:Decrease 33.95% than previous quarter
Year 2020 Quarter 1: Ratio of Retained Earnings to Revenue 631.11 (%).Trend:Increase 194.5% than previous quarter
Year 2020 Quarter 2: Ratio of Retained Earnings to Revenue 327.98 (%).Trend:Decrease 48.03% than previous quarter

Overall: increasing (53.05%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2019 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 24.8 (%).Trend:Increase 41.63% than previous quarter
Year 2020 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 16.25 (%).Trend:Decrease 34.48% than previous quarter
Year 2020 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 15.23 (%).Trend:Decrease 6.28% than previous quarter

Overall: decreasing (-38.59%). Fluctuation: **Significant** (high variation).


Invest Efficiency
The data from Quater 3 in 2019 to Quater 2 in 2020 includes 3 quarters.

Retained Earning on Assets
Year 2019 Quarter 3: Retained Earning on Assets 65.77 (%).Trend:Decrease 1.1% than previous quarter
Year 2020 Quarter 1: Retained Earning on Assets 62.84 (%).Trend:Decrease 4.45% than previous quarter
Year 2020 Quarter 2: Retained Earning on Assets 64.05 (%).Trend:Increase 1.93% than previous quarter

Overall: decreasing (-2.62%). Fluctuation: **Little** (low variation).

Earning Per Share


Financial analysis from Q3 2019 to Q2 2020 demonstrates a complex picture of financial performance, marked by significant fluctuations.  Working capital efficiency, as measured by liabilities and current assets on revenue, increased with significant volatility.  Cost efficiency, reflected in the retained earnings-to-revenue ratio, also increased but with substantial volatility.  SG&A expenses, however, showed a significant decrease with high variation. Investment efficiency, represented by the retained earnings-to-assets ratio, showed a slight decline.