iCar Asia Limited on track and begins monetising Dealers

January 18th, 2014

iCar Asia Limited (ASX:ICQ), owner of ASEAN's number 1 network of automotive portals today released its latest quarterly Appendix 4C, showing continued growth of its businesses. Cash receipts from customers for the period amounted to $0.416m, growth of over 235% in the corresponding period of 2012.  Net operating cash outflow was $1.948m resulting from continued in investments in technology and marketing, and closing cash and cash equivalents was $12.481m.

Underlying the cash flow, the key operating metrics of Listings, Audience & Leads showed tremendous increases across the group, further growing iCar’s market leadership position.

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Mr. Damon Rielly, CEO of iCar Asia, said “We are confident that our sites are the best offering in each country of operation. With this we have increased our marketing expenditure which has resulted in very pleasing increases in all our key operating metrics.”

iCar Asia Limited’s Malaysian classified site, carlist.my also commenced its dealer monetisation program during December, successfully signing close to 1,000 feature subscription contracts with customers, all of which commence on 1 January 2014.  This equates to approximately 30% of all dealerships and sales agents in Malaysia already paying for iCar Asia’s classifieds products within the first month of monetisation. 

 “Dealers readily signing up to pay for our service is a big milestone,” Mr Rielly continued. .”It is validation of the great work we have done over the past year and our entire team is focused on driving the business to new levels in 2014.”

 

For more information please contact:
Hamish Stone
Chief Executive Officer iCar Asia Ltd
Mobile:  +60 17 473 3778
Email: hamish.stone@icarasia.com
Yee Chin Beng
Chief Financial Officer iCar Asia Ltd
Mobile: +60126558333
Email: chinbeng.yee@icarasia.com

About iCar Asia Limited (www.icarasia.com)

Listed on the Australia Securities Exchange, iCar Asia (ASX: ICQ) owns and operates ASEAN’s No.1 network of automotive portals. Headquartered in Kuala Lumpur, Malaysia, the company is focused on developing and operating leading automotive portals in Malaysia, Indonesia and Thailand. iCar Asia is continuously working to capitalize on its market-leading positions, with its online properties currently reaching over 11 million car buyers and sellers in the region.

iCar Asia Group Network of websites: