Interim Results

INVESCO Asia Trust plc                             

             Preliminary Announcement of Unaudited Interim Results             

                     For the Six Months to 31 October 2003                     

Chairman's Statement

The period under review saw a dramatic recovery in world stock markets as
investors, encouraged by the improved economic outlook, not least in the US,
returned to the major markets; and Asian stock markets have improved strongly
since the fall of the regime in Iraq in March.

The Company's performance for the six months to 31 October 2003 reflects the
markets' improvement. Over the period, the net asset value per ordinary share
increased from 45.0p to 61.9p - 37.6%, compared to the rise of 35.6% in our
benchmark index, the MSCI (All Country) Far East ex Japan Free Index - adjusted
for sterling. The Company's share price increased by 45.5% to 55.0p, and the
discount to net asset value at which the shares trade narrowed to 11.2%.

No dividend is being declared in respect of the interim period.

Asian equity markets recovered strongly over the period, though they lagged
behind their global peers initially because of the impact of SARS. The cyclical
recovery in the global economy, helped by low interest rates and the weak
dollar, has resulted in strong earnings recovery for the Asian region which is
expected to continue. The performance of the Chinese economy has contributed
significantly to the overall growth of the region. Encouragingly, many of the
domestic sectors in Asia have seen a meaningful pick-up in activity, which
bodes well for sustainable growth. Asian market valuations have reached
reasonable levels and further earnings revisions will be the driver for
performance.

In the short term there may be some easing of growth, but longer term the
outlook appears very positive. Asian equities currently trade at price/earnings
multiples of 14.5 times 2003 earnings forecasts and 12 times earnings estimates
for 2004. Leading indicators point to continued export growth, complemented by
strong domestic demand and low interest rates in Hong Kong, Singapore, Malaysia
and Korea, while the rapid growth of China's economy underpins the region's
economies. Your Board is therefore optimistic at the outlook for investment in
2004.

Robin Baillie
Chairman
15 December 2003



Statement of Total Return
(Incorporating the Revenue Account)



                                                    Six Months to 31 October 2003                      
                                                           (Unaudited)        

                                                  Revenue      Capital       Total              
 
                                                    £'000        £'000       £'000              
                                                                               
     Profits on investments-realised                    -          450         450       
                                                                               
     Profits on investments-unrealised                  -       17,526      17,526
                                                                               
     Exchange losses                                    -        (179)       (179)
                                                                               
     Income                                                                    
                                                                               
     Unfranked investment income - dividends          698           -          698
                                                                               
     Scrip dividends                                    -           -            -
                                                                               
     Deposit interest                                   6           -            6
                                                                               
     Gross return                                     704      17,797       18,501
                                                                               
     Investment management fee-note 1                 (62)       (187)        (249)
                                                                               
     Other expenses                                  (193)          -         (193)
                                                                               
     Net return before finance costs and taxation      449     17,610       18,059
                                                                               
     Interest payable and similar charges-note 1       (10)       (29)         (39)
                                                                               
     Return on ordinary activities before taxation     439     17,581       18,020
                                                                               
     Tax on ordinary activities                       (132)        37          (95)
                                                                               
     Return on ordinary activities after tax for the    307    17,618       17,925
     financial period (attributable to equity                                  
     shareholders)                                                             
                                                                               
     Dividends in respect of equity shares-note 2         -         -            -
                                                                               
     Transfer to reserves                               307    17,618       17,925
                                                                               
     Return per ordinary share:-note 3                                         
                                                                               
     Basic                                            0.29p    16.63p       16.92p
                                                                               

The Revenue column of this statement is the Revenue account of the Company. All
revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.



Statement of Total Return
(Incorporating the Revenue Account)

                                                 Six Months to 31          Year to
                                                   October 2002           30 April
                                                    (Unaudited)               2003
                                                                          (Audited)
                                                                               
                                            Revenue   Capital    Total       Total                    
                                              £'000     £'000    £'000       £'000               
                                                                                                 
Losses on                                         -    (1,103)  (1,103)     (3,206)
investments-realised                                                                             

Losses on                                         -   (21,747) (21,747)    (24,885)                
investments-unrealised                                                                           
                                                                                                 
Exchange losses                                   -       (96)     (96)        (64)                
                                                                                                 
Income                                                                                           
                                                                                                 
Unfranked investment                            568         -      568       1,267                
income - dividends                                                                               
                                                                                                 
Scrip dividends                                  27         -       27          59                
                                                                                                 
Deposit interest                                  5         -        5           9                
                                                                                                 
Gross return                                    600   (22,946) (22,346)    (26,820)                
                                                                                                 
Investment management                           (57)     (171)    (228)       (408)                
fee-note 1                                                                                       
                                                                                                 
Other expenses                                 (174)       (1)    (175)       (325)                
                                                                                                 
Net return before finance                       369   (23,118) (22,749)    (27,553)                
costs and taxation                                                                               
                                                                                                 
Interest payable and                            (38)     (113)    (151)       (276)                
similar charges-note 1                                                                           
                                                                                                 
Return on ordinary                              331   (23,231) (22,900)    (27,829)                
activities before                                                                                
taxation                                                                                         
                                                                                                 
Tax on ordinary                                (142)       66      (76)       (170)                
activities                                                                                       
                                                                                                 
Return on ordinary                              189   (23,165) (22,976)    (27,999)                
activities after tax for                                                                         
the financial period                                                                             
(attributable to equity                                                                          
shareholders)                                                                                    
                                                                                                 
Dividends in respect of                           -         -        -        (424)                
equity shares-note 2                                                                             
                                                                                                 
Transfer to/(from)                              189   (23,165) (22,976)    (28,423)                
reserves                                                                                         
                                                                                                 
Return per ordinary                                                                              
share:-note 3                                                                                    
                                                                                                 
Basic                                          0.18p  (21.86)p (21.68)p    (26.42)p                
                                                                                                 


Balance Sheet

                                          At        At          At
                                  31 October  30 April  31 October
                                        2003      2003        2002
                                 (Unaudited) (Audited) (Unaudited)
                                       £'000     £'000       £'000
                                                                  
Fixed assets                                                      
                                                                  
Investments                           66,942    51,142      56,016
                                                                  
Current assets                                                    
                                                                  
Amounts due from brokers                   -       318         179
                                                                  
VAT recoverable                           27        23          27
                                                                  
Prepayments and accrued income            72        81          48
                                                                  
Cash at bank                              19     1,267       1,636
                                                                  
                                         118     1,689       1,890
                                                                  
Creditors: amount falling due                                     
within one year                                                   
                                                                  
Amounts owed to brokers                    -         -         211
                                                                  
Short-term loan                        1,210     4,525       4,340
                                                                  
Accruals and deferred income             239       196         222
                                                                  
Proposed dividend                          -       424           -
                                                                  
                                       1,449     5,145       4,773
                                                                  
Net current liabilities              (1,331)   (3,456)     (2,883)
                                                                  
Total assets less current             65,611    47,686      53,133
liabilities                                                       
                                                                  
Capital and reserves                                              
                                                                  
Called up share capital               10,596    10,596      10,596
                                                                  
Share premium account                 74,588    74,588      74,588
                                                                  
Other reserves                                                    
                                                                  
  Capital redemption reserve             650       650         650
                                                                  
  Special reserve                     25,796    25,796      25,796
                                                                  
  Capital reserve-realised          (37,560)  (37,652)    (35,383)
                                                                  
  Capital reserve-unrealised         (9,543)  (27,069)    (23,931)
                                                                  
Revenue reserve                        1,084       777         817
                                                                  
Equity Shareholder's funds            65,611    47,686      53,133
                                                                  
Net asset value per ordinary                                      
share-note 4                                                      
                                                                  
Basic                                  61.9p     45.0p       50.1p



Cash Flow Statement

                                           Six Months to   Year to  Six Months to
                                              31 October  30 April    31 October
                                                    2003      2003          2002
                                             (Unaudited) (Audited)    (Unaudited)
                                                   £'000     £'000         £'000
                                                                               
Cash flow from operating activities                  216       350           80
                                                                               
Servicing of finance                                (40)     (276)         (137)
                                                                               
Taxation                                               -         7            7
                                                                               
Capital expenditure and financial                                              
investment                                                                     
                                                                               
  Purchase of investments                       (17,704)  (18,845)       (8,066)
                                                                               
  Sale of investments                             20,198    21,836       11,774
                                                                               
Equity dividends paid                              (424)     (424)         (424)
                                                                               
Net cash inflow before management of               2,246     2,648        3,234
liquid resources and financing                                                 
                                                                               
Management of liquid resources                         -         -         (603)
                                                                               
Financing                                        (3,315)   (2,375)       (2,560)
                                                                               
(Decrease)/increase in cash in the period        (1,069)       273           71
                                                                               
Cash outflow from increase in liquid                   -         -          603
resources                                                                      
                                                                               
Cash outflow from decrease in debt                 3,315     2,375        2,560
                                                                               
Translation difference                             (179)      (64)          (96)
                                                                               
Movement in net funds in the period                2,067     2,584        3,138
                                                                               
Net debt at beginning of period                  (3,258)   (5,842)       (5,842)
                                                                               
Net debt at end of period                        (1,191)   (3,258)       (2,704)



Reconciliation of Movement in Shareholders' Funds

                                             Six                               Six
                                       Months to        Year to          Months to
                                      31 October       30 April          1 October
                                            2003           2003               2002
                                     (Unaudited)      (Audited)         (Unaudited)
                                           £'000         £'000               £'000

         
Revenue return for the period              307             149                 189

Capital return for the period           17,618         (28,572)            (23,165) 



Net movement in Shareholders' funds     17,925         (28,423)            (22,976)

                                     
                                                         
Opening Shareholders' funds             47,686          76,109              76,109          
                                                         
Closing Shareholders' funds             65,611          47,686              53,133
                                                         

Notes to the interim accounts

1. Investment management fees and interest payable on borrowings are allocated
75% to the capital reserve-realised and 25% to the revenue account.

2. No interim dividend has been declared in respect of the year ending 30 April
2004 (2003-nil).

3. Basic revenue return per ordinary share is based on the net revenue on
ordinary activities after taxation and on 105,962,225 (30 April 2003:
105,962,221; 31 October 2002: 105,962,217) ordinary shares, being the weighted
average number of shares in issue during the period.

Basic capital return per ordinary share is based on net capital gains on
ordinary activities after taxation and on 105,962,225 (30 April 2003:
105,962,221; 31 October 2002: 105,962,217) ordinary shares, being the weighted
average number of shares in issue during the period.

4. The basic net asset value per ordinary share of 10p has been calculated on
net assets at the period end and on 105,962,225 ordinary shares (30 April 2003:
105,962,225; 31 October 2002: 105,962,225), being the number of ordinary shares
in issue at the period end. On this basis the net asset value, which is
calculated after deduction of the undistributed net reserve of the period, is
61.9p (30 April 2003: 45.0p; 31 October 2002: 50.1p). This compares to the net
asset value reported to the AITC of 61.6p (30 April 2003: 44.7p; 31 October
2003: 49.9p) which is calculated before deduction of the undistributed net
reserve. At 31 October 2003 there were 22,157,684 warrants in issue.

5. It is the intention of the Directors to conduct the affairs of the Company
so that it satisfies the conditions for approval as an investment trust company
set out in section 842 of the Income and Corporation Taxes Act 1988.

6. The foregoing information at 30 April 2003 is an abridged version of the
Company's full accounts which carry an unqualified Auditor's Report and which
have been filed with the Registrar of Companies.

By order of the Board
INVESCO Asset Management Limited
Secretaries
15 December 2003