China Ocean Group Development Limited — Earnings Release 2007

Nov 13, 2006

GEM

UB HOLDINGS<08047> - Results Announcement (Q2, 2006/2007, Summary)

Union Bridge Holdings Limited announced on 13/11/2006:
(stock code: 08047 )

Year end date :31/03/2007
Currency :HKD
Auditors' report :N/A
2nd 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 01/04/2006   from 01/04/2005
                                     to 30/09/2006     to 30/09/2005
                                             $'000             $'000

Turnover : 57,846 15,750
Profit/(Loss) from Operations : 5,682 (621)
Finance cost : (3,495) (339)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 822 (1,325)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD 0.0019 HKD (0.0044)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 822 (1,325)
2nd Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd 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
Union Bridge Holdings Limited

Signature :
Name : Wan Kin 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.

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 unaudited consolidated results have been prepared under historical
cost convention, except for available-for-sale financial assets and
financial assets at fair value through profit and loss, which have been
measured at fair value and promissory notes which have been measured at
amortised cost and in accordance with Hong Kong Financial Reporting
Standard ("HKFRS") and Hong Kong Accounting Standards ("HKAS")
(collectively referred to as the "New HKFRS") issued by the Hong Kong
Institute of Certified Public Accountants (the "HKICPA") and the
disclosure requirements of the GEM Listing Rules. The accounting
policies adopted are consistent with those set out in the
annual financial statements for the year ended 31st March, 2006.

1. Earnings/(loss) per share
   The calculation of basic earnings/(loss) per share is based on the
   unaudited net profit attributable to equity holders of the Company for
   the three months and six months ended 30th September, 2006 of
   approximately HK$301,000 and HK$822,000 respectively (three months
   and six months ended 30th September, 2005: unaudited net loss of
   approximately HK$1,025,000 and HK$1,325,000 respectively) and the
   weighted average number of 465,000,000 and 434,016,000 ordinary shares
   of the Company (three months and six months ended 30th Septemeber, 2005:
   300,000,000 shares)

Diluted earnings/(loss) per share is not presented as there were no
diluting events existed during the three months and six months
ended 30th September, 2006 and the corresponding periods in 2005.