Declining Revenue TrendA roughly 38% decline in reported revenue indicates meaningful scale deterioration. Persistently falling top-line reduces operating leverage, pressures margins, and limits internal cash generation, making it harder to fund projects or service debt without external capital or asset disposals.
High Leverage And Shrinking EquityThe balance sheet shows substantial leverage and declining shareholders’ equity, increasing financial risk. High debt burdens constrain flexibility, raise refinancing and interest-rate exposure, and amplify downside in a property downturn, limiting the company's ability to invest or absorb shocks.
Weak Cash Flow GenerationOperating and free cash flow have fallen significantly, with negative FCF growth noted. Poor cash conversion threatens liquidity for project completion and debt servicing, increasing reliance on external funding or asset sales and elevating execution and refinancing risk over the medium term.