China Ocean Group Development Limited — Earnings Release 2003

Jan 23, 2003

GEM

IA INT'L<08047> - Results Announcement (Q3, 2002/2003, Summary)

IA International Holdings Limited announced on 23 January 2003
(stock code: 08047)

Year end date :31/03/2003
Currency :HKD
Auditors' report :N/A
Review of 3rd 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 01/04/2002   from 01/04/2001
                                     to 31/12/2002     to 31/12/2001
                                             $'000             $'000

Turnover : 54,847 37,950
Profit/(Loss) from Operations : 3,373 4,771
Finance cost : (332) 0
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 2,707 3,864
% Change Over the Last Period : -29.94%
EPS / (LPS)
Basic (in dollar) : HKD 0.009 HKD 0.015
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 2,707 3,864
3rd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 3rd 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.

Remarks:

1. Group reorganisation and basis of presentation

The Company was incorporated in Bermuda on 7th June, 2001
under the Companies Act 1981 of Bermuda as an exempted company
with limited liability. Pursuant to a group reorganisation
(the "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, the Company became the
holding company of the companies now comprising the Group. Details
of the Reorganisation are set out in the prospectus of the Company
dated 24th October, 2001. The shares of the Company were listed on
GEM on 1st November, 2001.

The unaudited consolidated results of the Group for the three
months and nine months ended 31st December, 2002 include the
results of the Company and all of its subsidiaries for the
three months and nine months ended 31st December, 2002.

The comparative unaudited consolidated results have been
prepared using the merger basis of accounting as a result of the
Reorganisation. Under this basis, the Company has been treated as
the holding company of its subsidiaries since their respective
dates of incorporation rather than from the date of their
acquisition pursuant to the Reorganisation. Accordingly, the
unaudited consolidated results of the Group for the three months
and nine months ended 31st December, 2001 included the results of
the Company and its subsidiaries with effect from 1st April, 2001
as if the current Group structure has been in existence throughout
the three months and nine months ended 31st December, 2001.

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

1. Earnings per share

The calculation of basic earnings per share is based on the
unaudited net profit from ordinary activities attributable
to shareholders for the three months and nine months ended
31st December, 2002 of approximately HK$849,000 and HK$2,707,000
(three months and nine months ended 31st December, 2001:
approximately HK$495,000 and HK$3,864,000, respectively)
and the weighted average of approximately 300,000,000 shares
in issue (pro forma number of shares in issue for the
three months and nine months ended 31st December, 2001:
281,467,000 and 257,200,000 shares).

No diluted earnings per share has been presented as no diluting
events existed during the three months and nine months ended
31st December, 2002 and the corresponding periods in 2001.