iCar Asia Limited
(ASX:ICQ) says it will invest more heavily in digital marketing to drive revenue growth after a disappointing second quarter added to a dampened outlook.
Full year 2016 revenue is forecast to be between $6.75 - $7.75 million with an expected EBIDTA loss of between $14.5 - $15.5 million.
iCar says weaker macro conditions have impacted revenue across Malaysia, Thailand and Indonesia with currency weakness in those countries also reducing the volume of used car imports.
New CEO Hamish Stone says the company will now invest more money on cementing its leadership position across current markets as well as improving their Consumer app and developing a dedicated Dealer app.
iCar reported a net loss of $12.5 million for the 2015 calendar year.
