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

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    • The used-car marketplace sector has been on a roller-coaster ride over the last few years, as rising interest rates have sent investors fleeing.
    • The used-car marketplace sector has been on a roller-coaster ride over the last few years, as rising interest rates have sent investors fleeing. PHOTO: REUTERS

    Simon Huang

    Published Tue, Dec 10, 2024 · 12:16 PM

    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.

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