It was the envy of every property analyst on the street. Quarter after quarter, this blue-chip developer, the one whose name is practically synonymous with the country’s skyline, turned dirt into dividends and townships into treasure. Land in, cash out. Rinse, repeat, retire rich.

Not anymore. Not quite.

Word reaching Nosy Tarsee from the balance sheets of a certain premier developer of a colonial-era pedigree is that the money machine has hit a peculiar snag: it is running beautifully, except in reverse. 

The inventory pile? A staggering quarter-trillion pesos. The cash from operations? Down nearly four-fifths in a single quarter. Revenue? Off by roughly 14 percent year-on-year, with property development revenues taking the sharpest hit.     

No new launches in the quarter. 

The balance sheet remains large and impressive, the way an aircraft carrier is large and impressive — and just as difficult to turn around quickly. Inventories now account for more than half of current assets. In good times, that is called “embedded optionality” but in a slowdown, it is called a very expensive waiting room.

Profits held up well enough to avoid screaming headlines. But profits and cash are different creatures, and this developer’s cash generation is currently the weakest link. 

Receivables are rising, payables are mountainous, and the construction pipeline does not pause for sentiment. Contractors want payment whether or not buyers are signing on the dotted line.

The machine is not broken. But it is no longer printing.