iCar Asia Ltd (ASX:ICQ), which owns a network of automotive portals in Southeast Asia, has achieved 45% year-on-year growth in cash collections for the June 2016 quarter, totalling $1.9 million.
The growth was driven by increased momentum in Thailand and Indonesian businesses during the key seasonal car buying period.
iCar Asia finished the quarter with an impressive $13 million in cash and cash equivalents.
The engagement with paid products continue to grow, with Thai dealers promoting almost 4 times as many listings in June 2016 compared to June 2015.
In Indonesia, dealers paid for over 20,000 listings to be promoted, a new monthly high for the country.
The Kuala Lumpur headquarter company is also planning to invest further in improving private seller experience on desktop and mobile across its markets in Thailand, Malaysia and Indonesia.
An improving consumer market, along with innovative products and focused marketing is expected to provide a platform for solid year-on-year growth for the rest of the year.
In June, Hamish Stone was appointed as group CEO of iCar Asia Ltd. He was former head of marketing for eBay Australia and New Zealand.
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