Carro swaps growth for profitability, as losses fall 92% in FY24

SOMETIMES, you have to go into reverse to make progress.

Used-car marketplace Carro said that it cut its operating losses by 92 per cent to S$9 million in its financial year ended March 2024.

While this came at a cost, with the company posting a year-on-year decline in revenue growth of about 6 per cent to US$781 million, gross profit margins improved from 8 per cent to 12 per cent during the same period.