Soundwill Holdings saw its net loss widen in the year to December 31, to HK$685.9 million against the HK$495.23 million loss a year earlier. The company said it made a Hk$488 million provision for losses sustained in a property disposal and projects due to be released this year. Executive director Keith Yip expected the company's performance would improve this financial year, because he felt property prices were unlikely to suffer another significant drop. Profit contribution to be generated from its 90 per cent-owned Vision Telecommunications Holdings might come earlier than expected in view of the sharp increase in demand for bandwidth - the capacity to transmit data through Internet - in Hong Kong and on the mainland, he said. Vision Telecommunication has a 70 per cent stake in Optilink Technologies - a joint venture with Peking University for the design and manufacture of dense wavelength division multiplexing (DWDM) open transport systems on the mainland. Work on the company's two property projects at Russell Street, in Causeway Bay, had resumed following the successful negotiation of a standstill arrangement and new funding from bankers, the company said. Its turnover dropped 55.64 per cent to HK$276.46 million, while losses per share were 44.16 HK cents compared with 39.5 HK cents previously. No final dividend was declared.