New World CyberBase made a net loss of HK$313.9 million for the year to March 31, after being hit by operating losses and making sizeable provisions against property devaluation. But the results were not as bad as the preceding year when the company had made a loss of HK$369.54 million. 'The financial result reflects the restructuring of the business from a property company to an e-commerce technology and solution provider,' said chairman Henry Cheng Kar-shun. New World CyberBase, formerly property developer Paul Y Properties, said that of the total loss, about HK$160 million came from provisioning for property devaluation. About HK$93.7 million was from operating expenditure and the restructuring of the group's core business. Yvette Ong, managing director and chief executive officer, said the company would continue to decrease its property portfolio and focus on e-commerce. But she forecast operating losses for the current financial year of slightly more than HK$93 million as the company entered a new stage in the development of its e-commerce business. New World CyberBase is the latest Internet-related company to post disappointing results in its Internet operations. 'The major issue that faces our industry is how to build a business that stands the test of time in a competitive and volatile market,' said Mr Cheng. Despite anticipating higher operating losses this year, Ms Ong said she expected the company would be profitable in about three years. The company would not be increasing provisions against diminution in property values, Ms Ong said. It has property assets worth HK$600 million and plans to dispose of two properties valued at HK$50 million.