China Ocean Group Development Limited — Earnings Release 2004

Jun 15, 2004

GEM

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

IA International Holdings Limited announced on 15/06/2004:
(stock code: 08047 )

Year end date :31/03/2004
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 01/04/2003   from 01/04/2002
                                     to 31/03/2004     to 31/03/2003
                                             $'000             $'000

Turnover : 96,804 104,385
Profit/(Loss) from Operations : 2,774 5,434
Finance cost : (22) (372)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 1,532 4,163
% Change Over the Last Period : -63.20%
EPS / (LPS)
Basic (in dollar) : HKD 0.0051 HKD 0.0139
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 1,532 4,163
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
(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 financial statements have been prepared under the historical
convention and in accordance with accounting stadards issued by
Hong Kong Society of Accountants, generally accepted accounting
principles in Hong Kong and disclosure requirements of the Hong
Kong Companies Ordinance.

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$1,532,000 (2003: HK$4,163,000) and on the
weighted average number of 300,000,000 (2003:300,000,000)
ordinary shares of the Company.

Diluted earnings per share is not presented as there are no
diluting events during the year.