Sharp Revenue Decline And Negative MarginsA ~26% revenue drop and a deeply negative net margin (-25.48%) reflect weakened core operations and pricing or demand pressures. Persistent revenue contraction and negative EBIT/EBITDA margins threaten reinvestment capacity and require structural recovery to restore long-term profitability.
Negative ROE And Declining Equity BaseNegative ROE and shrinking equity signal erosion of shareholder value and reduced capitalization to support new developments. A declining equity base limits ability to leverage projects, increases sensitivity to losses, and can constrain durable growth without recapitalization.
Reliance On Financing Activities To Manage Cash FlowDependence on financing to shore up cash flow, despite improved FCF, raises refinancing and interest-rate risk if credit conditions tighten. Ongoing reliance increases funding costs and could impair execution of longer-dated projects if external capital becomes constrained.