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ICar Asia, the No.1 auto vertical is Southeast Asia, is on track to breakeven by the end of 2019. The company’s Q2 results showed growth across all three of the markets it operates in — Malaysia, Thailand, and Indonesia.

The company declared strong cash receipts of 3.73 million Australian dollars ($2.6 million U.S.) — an increase of 16 percent on Q2 2018. Its cash balance grew to A$12.9 million ($9 million U.S.) thanks to a receiving A$7.67million from exercising options in June.

Net quarterly operating cashflows decreased 48 percent to reach A$1.77 million a record five year low.  The company also has access to an A$5 million debt facility which remains undrawn.

The company attributed its positive Q2 results to a 7 percent audience growth in Malaysia where it’s been focusing on listing quality. While the strategy has seen listings drop by 16 percent, it hasn’t impacted lead numbers or paid accounts.

Listings on ICar Asia’s site in Thailand increased 18 percent. The drop in audience numbers and leads — 37 percent and 23 percent, respectively — was expected due to the general election in early April and the coronation of the King of Thailand in early May.

The company’s Indonesian operations decreased EBITDA losses by around 50 percent. Listings decreased 6 percent as a result of planned free listing restrictions.