Internet solutions provider and corporate financier techpacific.com saw its net loss narrow to US$4.93 million in the first quarter this year from a US$8.18 million loss in the previous quarter.
The improvement in the Growth Enterprise Market-listed company's bottom-line was due mainly to a decline in goodwill amortisation and impairment to US$36,000 from US$2.22 million in the fourth quarter of last year.
Vice-chairman Johnny Chan Kwok-chung said the company decided to accelerate the goodwill amortisation on Internet solutions provider subsidiary Spike to one year from three years to reflect its higher risk. The entire goodwill was amortised last year.
Provision for impairment in investments fell to US$243,000 from US$1.64 million - mainly for techpacific's investments in Internet start-ups.
Techpacific agreed earlier this month to sell its stake in Spike to Australia-listed Spike Networks in exchange for up to 80 per cent of Spike Networks' shares.
Techpacific chairman Robert Owen said the move would allow investors to better assess Spike's valuation as it was to be listed.
Australia accounted for about 70 per cent of Spike's turnover.