Sharp Revenue DeclineA ~43% year-on-year revenue decline materially reduces operating scale and fixed-cost absorption. That magnitude of contraction strains margins, weakens negotiating power on tenders, compresses backlog replenishment, and makes sustainable recovery dependent on securing large new contracts.
Negative And Volatile ProfitabilityPersistent negative EBIT/EBITDA and volatile margins point to structural cost, pricing or project-execution weaknesses. Such profitability instability undermines reinvestment capacity, weakens credit metrics and stakeholder confidence, and must be resolved to restore sustainable returns.
Balance-sheet Stress And Negative EquityNegative shareholders' equity and high leverage indicate solvency risk and constrained financial flexibility. This impairs bonding capacity, increases borrowing costs, limits ability to fund large projects or absorb delays, and makes deleveraging essential for long-term viability.