China Ocean Group Development Limited — Interim / Quarterly Report 2003

Nov 7, 2002

GEM

IA INT'L<08047> - Results Announcement (Q2, 2002/2003, Summary)

IA INT'L<08047> - 2nd Quarterly Results Announcement

IA International Holdings Limited announced on 6/11/2002
(stock codes: Ord: 08047)

Year end date :31/03/2003
Currency :HKD
Auditors' report :N/A
Review of 2nd Quarterly Report 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 01/04/2002   from 01/04/2001
                                     to 30/09/2002     to 30/09/2001
                                             $'000             $'000

Turnover : 38,070 26,540
Profit/(Loss) from Operations : 2,381 4,169
Finance cost : (209) 0
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 1,859 3,369
% Change Over the Last Period : -44.82%
EPS / (LPS)
Basic (in dollar) : HKD 0.0062 HKD 0.0138
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 1,859 3,369
2nd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd Quarterly 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 :Cheng Kwong 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. Group reorganisation and basis of presentation

The Company was incorporated in Bermuda on 7th June, 2001 as an
exempted company with limited liability under the Companies Act
1981 of Bermuda. Pursuant to a group reorganisation (the
"Reorganisation") implemented on 18th October, 2001 to rationalise
the structure of the Group in preparation for the listing of the
Company's shares on GEM, the Company became the holding company
of the companies now comprising the Group. Details of the
Reorganisation are set out in the prospectus of the Company dated
24th October, 2001 (the "Prospectus"). The shares of the Company
(the "Shares") were listed on GEM on 1st November, 2001.

The comparative unaudited pro-forma combined results have been
prepared using the merger basis of accounting as a result of the
Reorganisation. Under this basis, the Company has been treated
as the holding company of its subsidiaries since their respective
dates of incorporation rather than from the date of their
acquisition pursuant to the Reorganisation. Accordingly, the
unaudited combined results of the Group for the three months and
six months ended 30th September, 2001 included the results of
the Group with effect from 1st April, 2001, as if the current
Group structure has been in existence throughout the three
months and six months ended 30th September, 2001.

All significant intercompany transactions and balances within
the Group have been eliminated on consolidated/combination.

1. Earnings per share

The calculation of basic earnings per share is based on the
unaudited net profit from ordinary activities attributable to
shareholders for the three months and six months ended
30th September, 2002 of approximately HK$1,846,000 and
HK$1,859,000, respectively, (three months and six months ended
30th September, 2001: approximately HK$1,477,000 and
HK$3,369,000, respectively) and the weighted average of
300,000,000 shares in issue (pro forma number of shares in issue
for the three months and six months ended 30th September, 2001:
245,000,000 shares).

No diluted earnings per share has been presented as no diluting
events existed during the three months and six months ended
30th September, 2002 and the corresponding periods in 2001.