KUALA LUMPUR, Jan 16 (Bernama) -- ASEAN's number one network of automotive portals, iCar Asia Ltd (iCar Asia), had a very strong finish to 2018 with both its Malaysian and Thailand businesses becoming EBITDA positive.
Its Indonesian business, meanwhile, was taking a big step forward in monetisation, according to iCar Asia’s published Appendix 4C for the final quarter of 2018.
“We remain committed to our vision of driving the digital transformation in the automotive industry in the ASEAN region and see 2019 as a year to confirm iCar Asia’s position in the region as the catalyst for this change,” said chief executive officer of iCar Asia, Hamish Stone, in a statement.
iCar Asia’s Malaysian business had its first quarter of positive EBITDA and cash flow in Q4 following its move to breakeven in September. The Group remains on track to reach breakeven by end of 2019.
Meanwhile, iCar Asia’s Thailand operations have also achieved EBITDA and cash flow positive from December. This is expected to continue on a quarterly basis and is in line with iCar Asia’s original guidance.
Cash receipts from customers in Q4 grew 36 per cent year on year to A$3 million (A$1 = RM 2.96). The growth represents a fourth consecutive quarterly cash collections of over A$3 million.
The auction business, launched in 2H 2018, continues to gather momentum. The gross market value of cars sold through the platform has now reached A$2.3 million since its inception.
The company’s audience also grew by 17 per cent versus the corresponding quarter in 2017 with an average audience of approximately 12 million per month. It is focused on developing and operating leading automotive portals in Malaysia, Indonesia and Thailand.
For more information, visit https://www.icarasia.com.
-- BERNAMA
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