iCar Asia (ASX:ICQ) has achieved record cash collections of $2.51 million for the March 2017 quarter, up 29% from the same period last year.
Significantly, iCar Asia recorded its highest ever quarterly cash receipts during the March quarter.
Headquartered in Kuala Lumpur, Malaysia, the company is focused on developing and operating automotive portals in Malaysia, Indonesia and Thailand.
iCar’s online portals reaches over 7 million car buyers and sellers in the region every month.
The company has had a solid start to 2017 with the delivery of key strategic initiatives.
iCar achieved overall listings growth of 26% year-on-year for March 2017, including 51% growth for Malaysia and 47% growth for Thailand.
Importantly, the company witnessed strong growth in paid accounts, up 25% year-on-year in total and 95% in Indonesia.
iCar finished the quarter with $23.84 million in cash and cash equivalents as at 31 March 2017.