High LeverageElevated leverage increases interest burden and reduces financial optionality in a cyclical property market. Over the medium term, high debt amplifies risk from slower sales or cost overruns, constrains ability to finance new projects internally, and heightens refinancing sensitivity.
Negative ProfitabilityPersistent negative net margins and ROE mean the business is not generating accounting profits for shareholders. Structurally this limits retained earnings, impedes reinvestment, and reduces capacity to build equity buffers, making long-term recovery dependent on sustained revenue gains and margin improvement.
Weak Operating Cash ConversionVery low operating cash conversion signals the company struggles to turn reported results into spendable cash, increasing reliance on financing for working capital and projects. This structural cash mismatch raises liquidity risk during slower market periods and constrains organic funding capacity.