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

Liabilities on Revenue
Year 2022 Quarter 3: Liabilities on Revenue 22.1 (%).Trend:Decrease 27.85% than previous quarter
Year 2023 Quarter 1: Liabilities on Revenue 58.06 (%).Trend:Increase 162.71% than previous quarter
Year 2023 Quarter 2: Liabilities on Revenue 32.03 (%).Trend:Decrease 44.83% than previous quarter

Overall: increasing (44.93%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2022 Quarter 3: Current assets on Revenue 37.21 (%).Trend:Decrease 29.47% than previous quarter
Year 2023 Quarter 1: Current assets on Revenue 104.07 (%).Trend:Increase 179.68% than previous quarter
Year 2023 Quarter 2: Current assets on Revenue 58.21 (%).Trend:Decrease 44.07% than previous quarter

Overall: increasing (56.44%). Fluctuation: **Significant** (high variation).


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

Ratio of Retained Earnings to Revenue
Year 2022 Quarter 3: Ratio of Retained Earnings to Revenue 34.16 (%).Trend:Decrease 33.81% than previous quarter
Year 2023 Quarter 1: Ratio of Retained Earnings to Revenue 58.38 (%).Trend:Increase 70.9% than previous quarter
Year 2023 Quarter 2: Ratio of Retained Earnings to Revenue 32.97 (%).Trend:Decrease 43.53% than previous quarter

Overall: decreasing (-3.48%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2022 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 15.18 (%).Trend:Decrease 3.68% than previous quarter
Year 2023 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 14.69 (%).Trend:Decrease 3.23% than previous quarter
Year 2023 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 14.44 (%).Trend:Decrease 1.7% than previous quarter

Overall: decreasing (-4.87%). Fluctuation: **Little** (low variation).


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

Retained Earning on Assets
Year 2022 Quarter 3: Retained Earning on Assets 34.3 (%).Trend:Decrease 0.44% than previous quarter
Year 2023 Quarter 1: Retained Earning on Assets 22.96 (%).Trend:Decrease 33.06% than previous quarter
Year 2023 Quarter 2: Retained Earning on Assets 25.32 (%).Trend:Increase 10.28% than previous quarter

Overall: decreasing (-26.18%). Fluctuation: **Neutral** (moderate variation).

Earning Per Share
Year 2022 Quarter 3: Earning Per Share 0.79 (USD).Trend:Increase 132.35% than previous quarter
Year 2023 Quarter 1: Earning Per Share 1.01 (USD).Trend:Increase 27.85% than previous quarter
Year 2023 Quarter 2: Earning Per Share 2.72 (USD).Trend:Increase 169.31% than previous quarter

Overall: increasing (244.3%). Fluctuation: **Significant** (high variation).



The financial statements from Q3 2022 to Q2 2023 show significant fluctuation in working capital efficiency.  Liabilities and current assets on revenue show increases with high variability. Cost efficiency, as measured by SG&A, is decreasing slightly.  Conversely, the retained earnings-to-revenue ratio decreases.  Investment efficiency (retained earnings on assets) also decreased while earnings per share significantly increased.