iCarAsia revenues speed ahead as Asian car buyers go digital
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Asian car buyers are upgrading iCarAsia’s revenues from Toyota Echo-size to Maserati.
The company (ASX:ICQ) behind second-hand car sales websites in Thailand, Malaysia and Indonesia reported revenue growth of 41 per cent for the year to $9.1 million.
But it was still trading at a loss of $13 million.
Chief Hamish Stone told the market it was on the way to profitability, as long as it could keep a lid on costs:
“In 2018 we expect to continue to grow our core business of used cars and advertising solutions, and leverage our market leadership positions to further establish our new car, events and car services operations.”
Growth was primarily driven by their core business with new streams of finance, insurance, warranty and broker services added through the year.
For the year total listings across the sites increased by 12 per cent to 479,000 as the region continued to embrace digital ecommerce options. iCarAsia said that would only increase.
Shares in the company were trading at 25c on Friday, giving it a market cap of $94 million.
It raised $10 million at 18c late last year, leaving it with $21.5 million in the bank at the end of the year.