Portal-operator GreaterChina Technology Group plans to spend HK$60 million launching a line of traditional Chinese medicine products, after reporting a net loss of HK$69.05 million in the year to July 31. The loss was due partly to HK$20.43 million of impairment loss on Web-site development costs and intangible assets. On an operating level, the loss would be higher as the company recorded HK$21.11 million of interest income earned on listing proceeds during the year. A year-on-year comparison was not available, as the Growth Enterprise Market-listed company only provided data from January 13 to July 31 last year, during which it lost HK$27.01 million on turnover of HK$3.2 million. In the year to July 31 this year, turnover was HK$6.76 million, of which HK$4.04 million was advertising income and HK$2.47 million was portal development and information technology advisory income. GreaterChina runs Web-sites on Chinese herbs and women's issues, as well as an e-commerce site. Like many of its peers, the company has failed to turn its advertising-reliant portal operation profitable and has turned to traditional businesses to broaden its revenue base. It proposed to shareholders last month to diversify its business into distribution of traditional Chinese medicine products. It plans to launch a herb-based nutritional food product before the end of the year. Chairman and executive officer Kelly Cheng said the company would source herbs from China and ship them to its US manufacturing partner for production. 'Originally we intended to target the product for the American market, but since the terrorist attacks we have decided to shift the marketing plan to first focus on the Hong Kong market,' she said.