Sharp Revenue DeclineA sustained ~30–38% revenue decline erodes scale and undermines operating leverage, reducing the firm's ability to cover fixed property and corporate costs. If continuation persists, it impairs project funding, weakens negotiation power with tenants/developers, and harms long‑term recovery prospects.
Deteriorating Cash FlowNegative operating cash flow and a >200% drop in free cash flow signal acute liquidity stress. This structural cash shortfall forces reliance on external financing or asset disposals, constrains reinvestment in properties or fintech initiatives, and raises refinancing and continuity risk over months.
Persistent Unprofitability And Weak ReturnsOngoing negative margins and very poor ROE reflect inability to convert revenue to sustainable profits. Persisting unprofitability erodes retained capital, deters investors, limits internal funding for development, and threatens the company's capacity to rebuild competitiveness without material operational change.