Steep Revenue DeclineA very large revenue drop erodes scale and fixed-cost absorption for a developer. Over the medium term, this weakens project pipelines, bargaining power with contractors and tenants, and makes re-growing recurring leasing income and fees more difficult without strategic repositioning.
Negative Returns And ProfitabilityA deeply negative ROE signals persistent inability to generate shareholder returns from invested capital. Structurally, this undermines reinvestment economics, discourages equity financing, and indicates existing projects or asset mix may be value-destructive absent operational turnaround.
Weak Cash Flow Conversion And Declining FCFSharp FCF deterioration and poor OCF-to-income conversion indicate ongoing liquidity and operational cash-generation issues. For a capital-intensive developer, sustained weak cash flow constrains new project funding, debt servicing and limits ability to execute long-term value-creating strategies.