Technology company New World Cyberbase has pruned interim losses by 93.3 per cent, but the loss still exceeded turnover. For the six months to September the consolidated loss attributable to shareholders was HK$61 million compared with HK$912.8 million in the same period last year. Turnover grew 17.5 per cent to HK$44.8 million. The loss included a provision of HK$22.8 million against the value of investments. The loss per share was 1.6 HK cents. Last year's figures included a goodwill write-off of HK$793.4 million. Cyberbase shares closed down 8.5 per cent yesterday at 8.6 HK cents, having slumped from a 1999 high of HK$3.70 as the Internet bubble burst. It aimed to have its first break-even month in March, chief executive Yvette Ong said yesterday. Staff costs, depreciation and other operating expenses fell 53.1 per cent to HK$87.7 million with the disposal of assets such as telephone firm PowerPhone and a data-centre business. The company was aiming for staff costs of HK$5 million a month, Ms Ong said. The PowerPhone sale last November resulted in a HK$221.9 million exceptional loss after buying the asset from its then-parent New World Development a year earlier. 'After I became involved with this company I soon realised it was not a viable business standing alone . . . and we finally decided that the best thing to do was dispose of it because it was costing our shareholders too much money,' Ms Ong said, who joined the firm in September 1999. Cyberbase, which began as an investment holding company in August 1999, now provides software products for firms in Greater China, according to Ms Ong. Despite the firm's change of course and controversial transactions, Ms Ong said investors could now have confidence in the firm whose clients include Hong Kong Exchanges and Clearing and Tai Fook Securities. 'What you see is a company that has gone through a lot of restructuring in the past year,' Ms Ong said. In October, New World Development sold its 18.5 per cent stake in Cyberbase to Asia Logistics. Ms Ong said Cyberbase planned to change its name in the first quarter of next year. Despite the sale by New World Development, Ms Ong said Cyberbase continued to work with many companies inside the New World Group. For the six months to September 30 69.9 per cent of revenue came from technology. The company held shares and other investments worth HK$154 million as of December 12 and had a net asset value of HK$324.8 million.