Material Revenue DeclineA pronounced revenue decline reduces operating scale and bargaining power, pressuring margins and fixed-cost coverage. Continued top-line contraction would impair ability to fund infrastructure projects internally, weaken pricing leverage in textiles, and increase reliance on external capital for growth.
Negative Free Cash Flow And Erratic Cash ConversionPersistent negative free cash flow undermines the firm's ability to self-finance capex, service debt, and sustain dividends. Erratic operating cash conversion raises liquidity and refinancing risks, making long-term project execution and working-capital management more dependent on external funding.
Volatile Profitability; Negative EBIT MarginFluctuating profit margins and reliance on non-recurring gains reduce earnings quality and predictability. Negative EBIT indicates underlying operations are loss-making before one-offs, impairing ability to build retained earnings and sustain returns on equity, complicating long-term planning and investor confidence.