China Ocean Group Development Limited — Earnings Release 2004

Aug 5, 2004

GEM

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

IA International Holdings Limited announced on 05/08/2004:
(stock code: 08047 )

Year end date :31/03/2005
Currency :HKD
Auditors' report :N/A
1st Quarterly Report Reviewed 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 01/04/2004   from 01/04/2003
                                     to 30/06/2004     to 30/06/2003
                                             $'000             $'000

Turnover : 13,239 37,956
Profit/(Loss) from Operations : 325 1,557
Finance cost : 0 (20)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 186 1,223
% Change Over the Last Period : -84.79%
EPS / (LPS)
Basic (in dollar) : HKD 0.0006 HKD 0.0041
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 186 1,223
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter 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 : Li Ting
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. 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, 2004.

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, 2004 is based on the unaudited
net profit from ordinary activities attributable to
shareholders of approximately HK$186,000 (three months
ended 30th June, 2003: approximately HK$1,223,000) and
the weighted average number of 300,000,000 (three months
ended 30th June, 2003: 300,000,000) ordinary 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, 2004 and the corresponding period in 2003.