Strong business in Thailand, regional growth in used car sales and effective cost-reduction measures have helped keep ICar Asia afloat during the Covid-19 pandemic. The company announced today that revenue was up 18% year-on-year at the end of April.

ICar Asia, an operator of auto marketplaces in Southeast Asia, said year-to-date revenues amounted to A$4.3 million ($2.7 million U.S.). Most of its revenue came from Thailand, where looser business restrictions allowed it to maintain positive cashflow in April. The company operates several auto verticals there, including One2Car.com. While full-year growth is down significantly from 28% at the end of 2019, the company has fared well in a tight economy.

The company also narrowed its net losses to A$400,000 after company-wide pay cuts and renegotiated payment terms on its expenses. With restrictions in Malaysia and Thailand beginning to loosen, the company has reopened offices in both countries and staff are working on a rotation system.

The relaxed restrictions have also led to increased consumer demand this month, the company said in a news release. This trend is expected to continue into the second quarter of 2020.

“With the lifting of movement and business restrictions in Malaysia and Thailand, absent any changes in either country we expected to see an improving result in Q2 2020,” said CEO and managing director Hamish Stone. “ICar Asia remains highly confident of the positive long term outlook for the Group and will use its market-leading position to work closely with the industry to drive a swift recovery.”

In Indonesia, where the company recently acquired Carmudi Indonesia, lockdown orders will remain in place until the end of May, likely dampening the company’s returns.

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