Persistent Net Losses And Negative EquityChronic net losses and negative shareholders' equity reduce capital-raising capacity and increase refinancing risk. Over the medium term, negative equity constrains strategic flexibility, weakens creditor confidence and can force asset monetization or restructuring in adverse cycles.
High Absolute Debt And Elevated LeverageSubstantial debt on a stressed capital structure raises interest and covenant exposure, limiting ability to invest or bid new projects. In a project-driven sector, high leverage reduces resilience to traffic or receivable shocks and increases probability of refinancing strain over the next several quarters.
Volatile Cash Flows And Cyclical Project RiskHistorical swings from negative to positive cash flow indicate sensitivity to project timing and traffic/annuity receipts. That volatility undermines durability of recent cash improvements and raises execution risk for new EPC work or concession settlements across industry cycles.