Steep Revenue DeclineA decline of ~57% in reported revenue materially reduces operational scale, undermines project economics and bargaining power with contractors and partners. Shrinking top line makes it harder to cover fixed costs and reinvest in the pipeline, pressuring medium-term recovery prospects.
Negative Profitability MarginsPersistent negative margins indicate the core property and development activities are loss-making. Continued unprofitability limits retained earnings, hampers self-funding for projects, and signals structural pricing, cost control, or execution issues that must be resolved to restore sustainable returns.
Weak Cash Generation And Declining FCFAn 82% drop in FCF growth and an OCF-to-net-income ratio of 0.10 show the company struggles to turn earnings into operating cash. This weak cash generation constrains funding for developments, increases reliance on external financing, and raises refinancing and liquidity risks despite modest leverage.