Declining Revenue TrendA near-10% decline in revenue is a material headwind for a developer: it pressures throughput, slows recognition of new projects, and can compress future cash inflows. Sustained top-line weakness will limit margin leverage and slow deleveraging efforts over months.
High Leverage Despite ImprovementAlthough leverage is improving, the company still relies significantly on liabilities. High indebtedness raises refinancing and interest-rate risk, reduces balance sheet flexibility for new projects, and magnifies downside in a real estate slowdown over the medium term.
Inconsistent Cash Flow ConversionPersistent inconsistency in converting profits to operating cash constrains the firm's ability to fund projects and service debt from internal flows. Even with improving FCF ratios, variability raises execution and liquidity risk across development cycles.