New World Infrastructure's (NWI) net profit fell 99 per cent to a meagre HK$15.1 million for the year to June 30 from HK$1.26 billion a year earlier. The result was partly caused by HK$550 million in losses and provisions from H-share and technology investments. Managing director Douglas Chan Wing-tak said the sale of shares in Beijing Datang Power Generation had resulted in a HK$304 million loss to the company while selling Sichuan Expressway incurred a HK$121 million loss. However, selling interests in Jiangsu Expressway had brought a profit of HK$59 million and China.com and HK$57 million, he said. Chairman Henry Cheng Kar-shun said the company's net profit for the previous year had been boosted by a HK$700 million profit from selling China.com, which was a gain not repeated in the year to June 30. But he said the company's business remained stable despite a lower operating income following the sale of Guangzhou Three New Bridges and Roadway No 1. The disposal of the two infrastructure projects and the H-share portfolio helped raise cash of HK$3.2 billion. The company said it was still contemplating the disposal of other assets that did not fit into its profit-generation model. Having invested HK$1.5 billion in technology projects, the company made a HK$200 million provision under this item. Mr Chan dismissed some analysts' suggestions that the provision was not enough, saying they did not know the details of these projects. He said 90 per cent of its technology projects would be available in six months. Mr Cheng said technology would be a focus of New World Infrastructure while one of the sectors it was interested in was video-on-demand which would be ready to go to market soon. New World Infrastructure, a subsidiary of New World Development, declared no dividend. New World China Land, also a subsidiary of New World Development, posted a 1.7 per cent decrease in net profit to HK$207 million for the year to June 30 on higher rental income and fewer property sales. It also declared no dividend.