Final Results

ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
7 September 1999



     ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
         PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
                for the year ended 31 July 1999

At the time of my Interim Report, I was able to comment on
improving investor sentiment toward Asia being reflected in an
uplift in the net asset value. I am pleased to report that the
trend has continued and as at 31 July 1999 the net asset value
was 96.5p per share. This represents a rise of 72 per cent. in
the twelve months under review.

It remains the case that there is no meaningful smaller
companies benchmark against which we can compare our
performance. Our managers provide the Board with detailed
attribution analysis of the portfolio performance utilising a
general regional index, the MSCI AC Asia Pacific ex Japan
index (which rose by only 55 per cent. over the period).

The Board is recommending payment of a dividend of 0.26p per
Ordinary share, against 0.11p per share last year.

Shareholders will be aware of corporate activity in the
investment trust sector. Our largest portfolio holding is the
investment in Govett Asian Smaller Companies Investment Trust.
That trust recently announced details of a tender offer to
acquire up to 35 per cent of its issued share capital at a
discount of 12 per cent to net asset value.

In addition, your Board has itself formulated proposals to
grant the Company authority to buy back up to 14.99 per cent
of the Company's issued ordinary share capital. The Board
believes that an investment in the Company should be enhanced
if the proposal is implemented since the Company will be
buying in shares for cancellation at a discount to net asset
value, which will enhance the net asset value of the
outstanding shares. Details are contained in the circular
which will accompany the mailing of the Annual Report. Your
Directors recommend all shareholders and warrantholders to
vote in favour of the respective resolutions.

Looking forward, I am confident that the Company is well
positioned as growth in Asia resumes. There has been clear
evidence of improving economic performance and, with it, a
pick-up in company earnings. We have therefore introduced a
measure of gearing into the portfolio. Although markets have
corrected across the board in recent weeks, we still see a
positive trend. Some profit-taking was inevitable following
heavy new issuance through June and July, and a sharp spike in
share prices. This has helped to puncture the simplistic
assumption that rising GDP should produce a rising stock
market. Further progress will depend in part on governments
and corporates maintaining a commitment to restructuring.

Our managers continue their policy of investing in companies
which have both quality earnings and strong balance sheets.
This, combined with their programme of regular visits and
contact with management, has softened the impact of the crisis
of the last two years and formed the basis of the recovery in
the period under review. With this in mind, your Board looks
forward to the future with confidence.


Nigel Cayzer
Chairman
7 September 1999

The Board has declared a final dividend in respect of the year
ended 31 July 1999 of 0.26p net per share (1998: 0.11p).  The final
dividend will have a record date of 24 September 1999
(provisional ex-dividend date of 20 September 1999) and will
be paid on 22 October 1999 to holders of Ordinary shares on
the register on the record date.


The unaudited results were:

Statement of total return (incorporating the revenue account)
For the year ended 31 July 1999

                                        Year ended
                                       31 July 1999
                                        (unaudited)
                              Revenue     Capital     Total
                                £'000       £'000     £'000
                                                           
Gains on investments                -      14,254    14,254
                                                           
Income                            871           -       871
Investment management fee        (321)          -      (321)
Other expenses                   (268)          -      (268)
Exchange losses                     -         (93)      (93)
                                 ----      ------    ------
Net return before finance                                  
costs and taxation                282      14,161    14,443
Interest payable and                                       
similar charges                   (47)          -       (47)
                                 ----      ------    ------
Return on ordinary                                         
activities before tax             235      14,161    14,396
Tax on ordinary activities       (143)          -      (143)
                                 ----      ------    ------
Return on ordinary                                         
activities after tax for                                   
the financial year                                         
attributable to equity
shareholders                       92      14,161    14,253
Dividends in respect of                                    
equity shares 0.26p
(1998: 0.11p)                     (91)          -       (91)
                                 ----      ------    ------
Transfer to reserves                1      14,161    14,162
                                 ====      ======    ======
Return per Ordinary share                                  
(pence):
Basic                            0.26       40.46     40.72
                                 ====      ======    ======

                                        Year ended
                                       31 July 1998
                                        (unaudited)
                              Revenue     Capital     Total
                                £'000       £'000     £'000
                                                           
Losses on investments               -     (19,295)  (19,295)
                                                           
Income                            801           -       801
Investment management fee        (405)          -      (405)
Other expenses                   (260)          -      (260)
Exchange losses                     -        (399)     (399)
                                 ----      ------    ------
Net return before finance                                  
costs and taxation                136     (19,694)  (19,558)
Interest payable and                                       
similar charges                   (38)          -       (38)
                                 ----      ------    ------
Return on ordinary                                         
activities before tax              98     (19,694)  (19,596)
Tax on ordinary activities        (58)          -       (58)
                                 ----      ------    ------
Return on ordinary                                         
activities after tax for                                   
the financial year                                         
attributable to equity             40     (19,694)  (19,654)
shareholders
Dividends in respect of                                    
equity shares 0.11p
(1997: 0.7p)                      (40)          -       (40)
                                 ----      ------    ------
Transfer (from)/to reserves         -     (19,694)  (19,694)
                                 ====      ======    ======
Return per Ordinary share                                  
(pence):
Basic                            0.11      (56.27)   (56.16)
                                 ====      ======    ======

* The Statements of total return presented above are in
accordance with the Statement of Recommended Practice for
Financial Statements of Investment Trust Companies


Balance Sheet of the Company as at 31 July 1999
                                 31 July    31 July
                                    1999       1998
                              (unaudited)  (audited)
                                   £'000      £'000
Fixed assets                             
Investments                       33,646     18,120
                                  ------     ------
Current assets                           
Debtors                              482        536
Cash at bank and in hand           1,643      1,415
                                  ------     ------
                                   2,125      1,951
Creditors: amounts falling               
due within one year               (1,966)      (451)
                                  ------     ------
Net current assets                   159      1,500
                                  ------     ------
Total assets less current                
liabilities                       33,805     19,620
Provision for liabilities                
and charges                          (23)         -
                                  ------     ------
Net assets                        33,782     19,620
                                  ======     ======

Capital and reserves                     
Called-up share capital            8,750      8,750
Share premium account             22,941     22,941
Other reserves                           
  Warrant reserve                  2,275      2,275
  Capital reserve - realised      (3,513)     1,177
  Capital reserve - unrealised     3,090    (15,761)
Revenue reserve                      239        238
                                  ------     ------
Total equity shareholders'
funds                             33,782     19,620
                                  ======     ======
Net asset value per Ordinary             
share (pence)
Basic                              96.52      56.06
                                  ======     ======
Fully diluted                        n/a        n/a
                                  ======     ======

Notes:-

1  The  basic capital return per share is based on net capital
   gains  of £14,161,000 (1998: losses of £19,694,000) and  on
   35,000,367  Ordinary  shares  of  25p  being  the  weighted
   average  number  of  shares in issue for  the  year  (1998:
   35,000,000).
2  The  basic  revenue  return  per  share  is  based  on  the
   earnings  of  £92,000  (1998: £40,000)  and  on  35,000,367
   Ordinary  shares of 25p being the weighted  average  number
   of shares in issue for the year (1998: 35,000,000).
3  The   financial   information  set  out  above   does   not
   constitute the Company's statutory accounts for  the  years
   ended  31 July 1999 or 1998. The financial information  for
   1998  is derived from the statutory accounts for 1998 which
   have  been  delivered to the Registrar of  Companies.   The
   auditors  have reported on the 1998 accounts; their  report
   was  unqualified  and  did not contain  a  statement  under
   section  237(2)  or  (3) of the Companies  Act  1985.   The
   statutory accounts for 1999 will be finalised on the  basis
   of  the financial information presented by the Directors in
   this preliminary announcement and will be delivered to  the
   Registrar  of  Companies  following  the  Company's  Annual
   General Meeting.
4  Copies  of the Annual Report will be posted to shareholders
   shortly  and  further  copies  may  be  obtained  from  the
   registered  office, One Bow Churchyard,  Cheapside,  London
   EC4M 9HH.


Aberdeen Asset Management PLC
Secretaries
7 September 1999