iCar Asia likely to break even this year

By NUR HAZIQAH A MALEK

Automotive portal operator iCar Asia Ltd expects to achieve break-even by year-end, as the firm grew its audience by 17% last year compared to 2017, with an average vietwership of 12 million per month.

In a statement yesterday, iCar Asia said its Malaysian operations posted a strong performance in the fourth quarter of 2018, where it recorded its first quarterly positive net cashflow and earnings before interest, tax, depreciation and amortisation (Ebitda).

iCar Asia CEO Hamish Stone (picture) said it reported financially strong results last year, with both the firm’s Malaysian and Thailand businesses becoming Ebitda positive, while its Indonesian business is in the middle of a monetisation plan.

“This momentum is being carried into 2019 and as a group, we are well positioned to achieve breakeven by the end of 2019.

“We remain committed to our vision of driving digital transformation in the automotive industry in the Asean region, and see 2019 as a year to confirm iCar Asia’s position in the region as the catalyst for this change,” Stone said.

He said the Malaysian operations last year saw an increase in audience and leads by 30% and 36% respectively.

The Kuala Lumpur-based iCar Asia is listed on the Australian Securities Exchange. It owns and operates a network of automotive portals within the Asean region.

Its network of websites in Malaysia includes Carlist.my, LiveLifeDrive.com and bid.carlist.my.