China Ocean Group Development Limited — Earnings Release 2003

Aug 8, 2003

GEM

IA INT'L<08047> - Results Announcement (Q1, 2003/2004, Summary)

IA International Holdings Limited announced on 08/08/2003:
(stock code: 08047 )

Year end date :31/03/2004
Currency :HKD
Auditors' report :N/A
Review of 1st Quarterly Report by :Audit Committee

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                       (Unaudited)       (Unaudited)
                                          Current Last Corresponding
                                           Period            Period
                                   from 01/04/2003   from 01/04/2002
                                     to 30/06/2003     to 30/06/2002
                                             $'000             $'000

Turnover : 37,956 14,750
Profit/(Loss) from Operations : 1,557 85
Finance cost : (20) (67)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 1,223 13
% Change Over the Last Period : +9,307.69%
EPS / (LPS)
Basic (in dollar) : HKD 0.0041 HKD 0.000043
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 1,223 13
1st Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarterly Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)

                                   For and on behalf of
                                   IA International Holdings Limited
                        Signature :
                             Name :Cheng Kwong Chung
                            Title :Director

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remark:
1. Basis of presentation

The accounts have been prepared under the historical cost
convention and in accordance with accounting principles
generally accepted in Hong Kong and comply with accounting
standards issued by the Hong Kong Society of Accountants.
The accounting policies adopted are consistent with those
set out in the annual financial statements for the year
ended 31st March, 2003.

All significant transactions and balances within the Group
have been eliminated on consolidation.

1. Earnings per share

The calculation of basic earnings per share for the three
months ended 30th June, 2003 is based on the unaudited net
profit from ordinary activities attributable to shareholders
of approximately HK$1,223,000 (three months ended 30th June,
2002: approximately HK$13,000) and the weighted average
number of 300,000,000 ordinary shares (three months ended
30th June, 2002: 300,000,000 shares)of the Company.

Diluted earnings per share is not presented as there were no
diluting events existed during the three months ended 30th
June, 2003 and the corresponding period in 2002.