Technology start-up investor and corporate financier techpacific.com's net loss widened to US$10.54 million in the three months to June 30, after taking a US$7 million provision for the decline in value of its investment portfolio. The loss was up from the preceding quarter's loss of US$5.6 million, due to more aggressive provisioning for the reduction in value of its investments. Revenue, at US$2.29 million, was flat from the previous quarter's US$2.27 million. Chairman Robert Owen said the 'abysmal' venture-capital market conditions meant both the firm's corporate finance and venture-capital operations were negatively affected. 'It's been practically impossible to raise any money, with the market going from one extreme to the other', as investors treated technology firms like 'toxic waste', he said. Chief executive Johnny Chan Kok-chung said the firm had taken a 'prudent and somewhat aggressive' approach on provisioning, but could not indicate whether more write-downs were expected in subsequent quarters. Managing director Ilyas Khan said the company had written off 52 per cent of the original portfolio's historical investment value, or 65 per cent of the historical value of the present portfolio, which excluded a few divested investments. After multiple write-downs on its portfolio of about 34 investments in the past few quarters, only eight of them had positive book value totalling about US$9 million. Asked whether the provisioning level was sufficient in view of the 80 to 90 per cent share-price declines seen in many listed technology companies, Mr Chan defended the level by saying early-stage investments made by the firm 'typically do not attract very high valuations'. They were mostly made before the height of the Internet investment craze in March last year. Mr Chan said the firm had US$25.9 million in cash at the end of June, compared with US$29.6 million at the end of March. Committed but uninvested money from two venture-capital funds that it managed for fees stood at US$72.9 million, compared with US$74 million at the end of March. The board proposed to shed the '.com' suffix of the company's name, and rename it Techpacific Capital.