January 16th, 2018
iCar Asia Limited (‘iCar Asia’ or the ‘Company’), owner of ASEAN's number one network of automotive portals, today released its Appendix 4C for the final quarter of 2017.
The Company reported that cash collections for the fourth quarter were up 23% year on year, totaling A$2.22m. This is the highest ever fourth quarter cash receipt. For the year 2017, the total cash collections had a growth of 31% a FOREX-neutral basis. The company also managed to reduce its cash outflows - with a Q4 2017 net cash outflow (excluding Financing) improving by A$0.86m. It is a 20% improvement as compared to Q4 2016.
The Company has now delivered a fourth successive quarter of its strong performance with steady growth in the financial and operational results. As of 31st December, the Company possess A$21.5m in cash and cash equivalents, access to an additional A$15.9m in net funding of all fees, for a total on up to A$37.4m in funds available.
This phenomenal growth of the Company’s balance sheet comes through the capital raising initiatives of December 2017. The highlights of outstanding performance in December 2017 include:
The CEO of iCar Asia Limited, Mr. Hamish Stone’s message was loud and clear,
“The Company has finished a turnaround in the year 2017, and is now driving directly towards profitability. We had another set of fantastic quarterly results all across our key operating and financial metrics, all of which did better than our expectations.”
He further added, “The Company is taking great momentum into 2018 regarding our core business of used cars and advertising solutions, and in the continuing establishment of our new car business”,
For more information please contact:
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: