destraMusic heads for IPO
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Listed internet and music download company destra Corporation has turned in its first profit with a net profit of just a shade over $400,000 and an EBITDA of $1.22 million.

destra is comprised of its destra Business division which focuses on web hosting, data access and voice communications for businesses and its digital media business which is the largest Australian digital music provider. It is this division destra Media, the company’s digital convergent media division, which incorporates that the company us planning to spin off in a future IPO.

“Our intention is to spin off our media assets into a separate public company that will ultimately be used as a consolidation vehicle for convergent internet media and mobile content businesses,” said Domenic Carosa, destra CEO.

The 2004/5 financial result is a turnaround in after tax profit of some $1.5 million over last years results when the company posted a million dollar loss. Since then, revenues have grown from $9.1 million to $15.73 million.

“These financial results are encouraging and we expect this positive trend to continue. We are on target to achieve a full year 2006 profit of over $1.2 million.”