iCar Asia Limited records strong early growth

Posted on February 28th, 2013

Thursday 28th February – iCar Asia Limited (ASX:ICQ), owner of ASEAN’s number 1 network of automotive portals today released its audited financial statements for the period ended 31 December 2012, showing a loss from ordinary activities of AUD$1.757m as a result of investment in operations.

This investment has yielded strong performance in the primary metric of vehicle listings volume across its classified websites:

Mr Damon Rielly, CEO of iCar Asia Limited, commented,“2012 was a big year for iCar Asia Limited. We acquired market-leading businesses, successfully completed our initial public offering and recruited an experienced and highly skilled Senior Management team who are now operational.Our core business strategy during 2012 was to increase the number of cars listed for sale on our classifieds websites and we have made significant progress in Malaysia and Indonesia.”

Mr Rielly continued, “Already in 2013 we have announced two strategic acquisitions: Malaysia’s fastest growing automotive website, Livelifedrive.com; and Thailand automotive classified site Thaicar.com. Both websites are strong additions to iCar Asia’s portfolio and we are confident they will contribute to our growth going forward.”

In 2013, iCar Asia intends to continue to focus on growth in the key metrics of listings and audience with a view to cementing its market-leading positions in Malaysia, Indonesia and Thailand.