DESTRA (DES) up 8.5c to 23c: Touched 30c in heavy trading. Last announcement was on Tuesday, when Destra reported record operating cash flows and continuing improved financial performance in the first half.
Subject destra continues financial growth Posted 31/01/06 21:06 - 46 reads Posted by hackpet IP 60.224.xxx.xxx Post #137022 - start of thread - splitview
FOR IMMEDIATE RELEASE destra Corporation Limited (ASX:DES) destra continues financial growth MELBOURNE – 31 January 2006 – destra Corporation Limited (ASX: DES) (destra) reported today record operating cash flows and continuing improved financial performance through the first half of financial year 2006. Detailed in its unaudited Appendix 4C Commitments Report for the Quarter ending 31 December 2005, the Company reported positive operating cash flow of $1.5M for the quarter and $1.6M for the six month period ending 31 December 2005. Improved working capital management and the favourable Christmas trading period significantly boosted operating cash flow results in the second quarter. Investing cash flows includes the cost of acquisition of the Rajon Music and Video Group (Rajon), one of the largest independent record labels in Australia. During the second quarter, a debt funding facility of up to $3M was finalised with St George Bank Corporate and Business Banking. The proceeds were used to partly fund the Rajon acquisition in December 2005 and refinance existing debt. Domenic Carosa, destra CEO, said, “The destra Business division continues to perform strongly and we are delighted with the initial trading performance of Rajon. The Board is confident that the Rajon purchase is delivering outstanding returns to destra. We are committed to the continued growth of Rajon and to realising substantial synergies across all destra Media businesses.” Carosa reaffirmed that the Company is on track to deliver a $1.2M profit for the full 2006 financial year. ENDS
DES Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
