China Ocean Group Development Limited — Earnings Release 2007

Aug 8, 2006

GEM

IA INT'L<08047> - Results Announcement (Q1, 2006/2007, Summary)

IA International Holdings Limited announced on 08/08/2006:
(stock code: 08047 )
Year end date :31/03/2007
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 01/04/2006   from 01/04/2005
                                     to 30/06/2006     to 30/06/2005
                                             $'000             $'000

Turnover : 28,070 10,346
Profit/(Loss) from Operations : 2,025 (60)
Finance cost : (1,442) (242)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 521 (300)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD 0.0013 (HKD 0.001)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 521 (300)
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 : 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
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

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"). 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 for the three months
   ended 30th June, 2006 is based on the unaudited net profit attributable
   to equity holders of the Company of approximately HK$521,000
   (2005: unaudited net loss of approximately HK$300,000) and the weight
   average number of 402,692,000 (2005:300,000,000) ordinary shares of the
   Company

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