China Ocean Group Development Limited — Earnings Release 2006

Jun 27, 2006

GEM

IA INT'L<08047> - Results Announcement (Final, 2005/2006, Summary)

IA International Holdings Limited announced on 26/06/2006:
(stock code: 08047 )

Year end date :31/03/2006
Currency :HKD
Auditors' report :Unqualified

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 01/04/2005   from 01/04/2004
                                     to 31/03/2006     to 31/03/2005
                                             $'000             $'000

Turnover : 42,474 38,846
Profit/(Loss) from Operations : (1,362) (12,758)
Finance cost : (994) (219)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (7,649) (23,143)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.0253) (HKD 0.0771)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (7,649) (23,143)
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 : 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.

Remarks:

1 Basis of presentation
The financial statements have been prepared in accordance with
Hong Kong Financial Reporting Standards ("HKFRS")and Hong Kong
Accounting Standards ("HKAS")(collectively referred to as the
"New HKFRSs")issued by the Hong Kong Institute of Certified Public
Accountants ("HKICPA") and the disclosure requirements of the Stock
Exchange. The financial statements have been prepared under the
historical cost convention, except for available-for-sale financial
assets and financial assets at fair value through profit or loss,
which have been measured at fair value and promissory notes which have
been measured at amortised cost.

The financial statements have been prepared on the basis of accounting
principles applicable to a going concern. This may not be appropriate
in view of the significant accumulated losses and net current
liabilities as at 31 March 2006. At the balance sheet date, the Group
suffered an operating loss of HK$7,660,000 (2005:HK$23,269,000)for
the year then ended and current liablitied exceeded current assets by
HK$2,012,000 (2005:net current assets of HK$7,772,000). The
continuation of the business as a going concern is dependent upon the
Group attaining future profitable operations and the continuing
financial support of its shareholders and major bankers.

Should the Group be unable to continue to operate as a going concern,
adjustments would have to be made to reduce the value of assets to their
recoverable amount, to provide for any further liablities which may
arise,and to re-classify non-current assets as current assets.

The ultimate holding company has confirmed in writing their intention
to provide the continuing financial support as so to enable the Group
to meet its liabilities as and when they fall due and to carry on its
business without a significant curtailment of operations for the
foreseeable future. The directors believe that the Group will continue
as a going concern and consequently have prepared the financial
statements on a going concern basis.

1.1 IMPACT OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS
("HKFRSs")
The HKICPA has issued a number of New HKFRSs, which have become
effective for accounting periods beginning on or after 1 January 2005
and have not been early adopted by the Group for the preparation of
the financial statements of the Group for the year ended 31 March 2005.
The following New HKFRSs affect the Group and are adopted for the first
time for the current year's financial statements:
HKAS 1 Presentation of Financial Statements
HKAS 2 Inventories
HKAS 7 Cash Flow Statements
HKAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors
HKAS 10 Events after the Balance Sheet Date
HKAS 12 Income Taxes
HKAS 14 Segment Reporting
HKAS 16 Property, Plant and Equipment
HKAS 17 Lease
HKAS 18 Revenue
HKAS 19 Employee Benefits
HKAS 21 The Effects of Changes in Foreign Exchange Rates
HKAS 23 Borrowing Costs
HKAS 24 Related Party Disclosures
HKAS 27 Consolidated and Separate Financial Statements
HKAS 32 Financial Instruments:Disclosure and Presentation
HKAS 33 Earnings per Share
HKAS 36 Impairment of Assets
HKAS 37 Provision, Contingent Liabilities and Contingent Assets
HKAS 38 Intangible assets
HKAS 39 Financial Instruments: Recognition and Measurement
HKFRS 2 Share-based Payment
HKFRS 3 Business Combinations
HKFRS 7 Financial Instruments: Disclosures
HKFRS-INT 4 Determining whether an Arrangement contains a Lease

The adoption of HKAS 1,2,7,8,10,12,14,16,18,19,21,23,24,27,33,36,37 and
HKFRS 3 did not result in substantial changes to the accounting
policies and the methods of computation used in the financial
statements.

1. (Loss) per share
   The calculation of loss per share is based on the net loss from
   ordinary activities attributable to shareholders for the year of
   HK$7,649,000 (2005: net loss of HK$23,143,000) and on the
   weighted average number of 302,465,753 (2005:300,000,000) ordinary
   shares of the Company.

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