Trailing net profit reached 1.7bn, rose 23.1bn compared with the same period last year. Key positives came from lower finance costs, better other profit, and lower administrative expenses. Offsetting pressure came mainly from higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 24.5% year on year.

0 of the last 1 quarters grew year on year.

Net margin expanded to 65.33%, rising 986.1pp. The main driver is SG&A / Revenue fell 125.8pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 448.8pp and Other profit / Revenue rose 315.2pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 0.2bn against investing cash flow of -0.2bn (annual cash-flow figures for 2023).

Post-investment cash flow was negative +0.0bn. Financing cash flow was positive 0.0bn.

CFO / net income was −17,49 lần.

After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of −29.9bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

How much income is non-core?

Non-core income reaches 283.6% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +283.6%, other profit at 0.0% of PBT.

ROIC expanded to 0.22%, rising 2.7pp. That translates to 0.22 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 670.9pp, with capital turnover broadly stable; with invested capital holding roughly steady.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Leverage warrants monitoring, with net debt / equity at 0.19x and interest coverage only at 0.35x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.3% of debt, and total debt stands at 98.1bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

ROIC should be read with industry context. Capital structure is notably light for the real estate sector — liabilities at 0.91x equity, net debt at 0.19x equity.

This park does not accumulate meaningful unearned revenue — recognition happens at land/contract handover. Large swings between periods are a property of the one-off model; read results across multiple periods rather than a single quarter.

None

Over the last 12 months, working capital absorbed 27.9bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.