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Recently loss-making Media Corporation says it expects a profitable first quarter, helped by October’s £465,000 Purple Lounge takeover.

The London-based advertising and internet media and gaming publisher expects to report a loss for the year to last September, after an £898,000 first-half deficit, but says the three months to December will show losses of £453,000 converted into a £370,000 pre-tax profit. AIM-quoted Media Corp says revenues for the same period should show a 460 per cent gain over 2008-09’s first quarter to £4.6 million.

Directors, headed by chief executive officer Justin Drummond, argue the acquisition of Malta-licensed on-line casino and poker company Purple Lounge has driven the turnaround, helped by a ‘very strong performance’ from the company’s Eyeconomy advertising network. With cash of £2.3 million at the end of December, against £2.7 million a year previously, the board says it is confident of ‘strong profitability and growth’ for the full year to September 2010.

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