iCar Asia Limited records strong early growth

February 28th, 2013

iCar Asia Limited (ASX:ICQ), owner of ASEAN's number one network of automotive portals today released its audited financial statements for the period ended 31st 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:

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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.

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: