iCar Asia recently released their financial report for the beginning part of this year. iCar saw their revenues grow to above $3.66 million during the start of 2018 for the first time. Overall iCar in Asia was able to create that revenue which represents a 12% increase from year to year.
Revenues from used car sales and related services (2/3 of total revenues) continued to grow strongly at 35% during 1H18. New car related revenues (1/3 of total revenues) were impacted by the General Election in Malaysia in May, resulting in revenue from media and events being retimed as events and online campaigns were rescheduled to 3Q.
Due to the retiming of revenues, the company expects to have its largest ever year-on-year (y-o-y) 3Q revenue growth in excess of 50%.
Operating expenses decreased 2% in 1H18 to A$10.7 million largely through a 34% decrease in discretionary marketing expenses compared to the prior corresponding period as market optimisation continues to deliver great operational results at lower budgets.
Increases in mostly non-cash (share based) employment incentives did offset some of these savings.
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