Sharp Revenue DeclineA 41.7% revenue contraction in 2025 signals a meaningful loss of scale and sales momentum. For a developer, sustained revenue declines reduce cash inflows from presales and completions, weaken project economics, and make it harder to cover fixed costs and service debt over the medium term.
Deep Loss-Making MarginsSeverely negative gross and net margins in 2025 point to project-level losses, impairments, or steep pricing pressure. These structural margin deficits erode equity, limit reinvestment capacity, and indicate profitability may remain impaired until project costs, pricing or impairment issues are resolved.
High Leverage And Eroding EquityElevated debt-to-equity (~1.9x) and declining equity reduce the balance-sheet cushion against cyclical downturns. This structural leverage heightens refinancing and covenant risk, constrains strategic flexibility, and means improvements in cash flow must be sustained to materially improve solvency prospects.