Negative Operating Cash FlowSustained negative operating cash flow creates a structural liquidity risk for a developer reliant on upfront collections to fund construction. Over months this can force reliance on external financing, raise interest costs, and constrain ability to complete or launch projects without diluting stakeholders or increasing leverage.
High Liabilities Relative To AssetsA low equity ratio (22.4%) means the balance sheet is materially levered relative to assets, increasing vulnerability to adverse market or interest-rate moves. This structural exposure can limit strategic flexibility, raise refinancing risk, and amplify earnings volatility during downturns.
Pressure On Operating MarginsDeclining EBIT/EBITDA margins suggest rising operating costs or weakening project mix. If this persists, it reduces cash conversion and the ability to fund growth internally. For a construction-intensive business, sustained margin pressure can erode return on projects and require tighter cost controls or pricing adjustments.