ICAR ASIA REVENUE UP 27 PCT IN FY18

KUALA  LUMPUR, Feb 27 (Bernama) -- iCar Asia Ltd, a network of automotive portals, has recorded a 27 per cent increase in revenue year-on-year (y-o-y) to AUD$11.6 million (AUD$1 = RM2.92) for the financial year ended Dec 31, 2018 (FY18).

In line with this, cash receipts also showed a strong 46 per cent y-o-y growth versus 2017.

As of Dec 31, 2018, the company had AUD$$9.5 million in cash and cash equivalents, it said in a statement today.

The strong growth in revenue and cash receipt were underpinned by strong sets of operational metrics where audience grew by 34 per cent to nearly 12 million unique visitors per month and the number of leads generated to increase 12 per cent y-o-y.

Chief executive officer Hamish Stone said 2018 has been an exciting year for iCar Asia as it has laid down a solid foundation in businesses to fuel further growth in 2019.

"We are extremely proud of both our Malaysian and Thailand businesses becoming earnings before interest, taxes, depreciation, and amortisation (EBITDA) and cash flow positive as per our guidance in 2018.

"This is further evidence to shows that the Group is well positioned to achieve EBITDA breakeven by the end of 2019,” he added.

-- BERNAMA