China Ocean Group Development Limited — Earnings Release 2003

Jun 13, 2003

GEM

IA INT'L<08047> - Results Announcement (Final, 2002/2003, Summary)

IA International Holdings Limited announced on 13/06/2003:
(stock code :08047)

Year end date :31/03/2003
Currency :HKD
Auditors' report :Unqualified
Review of Quarterly Report by :N/A

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

                                         (Audited)         (Audited)
                                           Current              Last 
                                                       Corresponding
                                            Period            Period
                                   from 01/04/2002   from 01/04/2001
                                     to 31/03/2003     to 31/03/2002
                                             $'000             $'000

Turnover : 104,385 49,330
Profit/(Loss) from Operations : 5,434 4,788
Finance cost : (372) (94)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 4,163 3,679
% Change Over the Last Period : +13.16 %
EPS / (LPS)
Basic (in dollar) : HKD 0.0139 HKD 0.0143
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 4,163 3,679
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final 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

                                          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.

Remarks:

1. Group reorganisation and basis of presentation

The Company was incorporated in Bermuda on 7th June, 2001 as an
exempted company with limited liability under the Companies Act
1981 of Bermuda. Pursuant to a group reorganisation (the "Group
Reorganisation") implemented on 18th October, 2001 to rationalise
the structure of the Group in preparation for the listing of the
Company's shares on GEM of the Stock Exchange, the Company became
the holding company of the companies now comprising the Group.
This was accomplished by the Company acquiring the entire issued
share capital of Smart Time Development Limited ("STDL"), the then
holding company of the subsidiaries, in consideration for the
allotment and issue of 2,500,000 shares of HK$0.05 each in the
share capital of the Company, credited as fully paid, to the former
shareholders of STDL. Further details of the Group Reorganisation
are set out in the Company's prospectus dated 24th October, 2001.

The shares of the Company were listed on GEM on 1st November, 2001.

The consolidated financial statements have been prepared using the
merger basis of accounting as a result of the Group Reorganisation.
Under this basis, the Company has been treated as the holding
company of its subsidiaries for the financial years presented
rather than from the date of their acquisition. Accordingly, the
consolidated results of the Group for the years ended 31st March,
2002 and 2003 included the results of the Company and its
subsidiaries with effect from 1st April, 2001 or since their
respective dates of incorporation, where this is a shorter period.

In the opinion of the directors, the consolidated financial
statements prepared on the above basis present more fairly the
results and the state of affairs of the Group as a whole.

All significant intercompany transactions and balances within
the Group are eliminated in the preparation of the consolidated
financial statements.

1. Earnings per share

The calculation of basic earnings per share is based on the net
profit from ordinary activities attributable to shareholders
for the year of HK$4,163,000 (2002: HK$3,679,000) and on the
weighted average number of 300,000,000 (2002:256,945,000)
ordinary shares of the Company.

Diluted earnings per share is not presented as there were no
diluting events during the year (2002: Nil).