Interim Results

ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
for the six months ended 31 January 2005

Highlights

-  Undiluted and diluted net asset values rose 24.1% and 21.6% respectively
-  Share price rose 32.4%
-  Shares trading at a premium to NAV and 1,300,000 Shares issued, raising new
   funds of £2.75m
-  Smaller companies still good value and balance sheets strong
-  Strong growth from Asian economies but expected to slow as a result of high
   oil prices and interest rate increases


Chairman's Statement

Background
I am pleased to report that the Company's portfolio continued to perform
strongly in the six months to 31 January 2005, the Company's diluted net asset
value rising 21.6% in the period.  This was in line with the 22.1% total return
recorded by the MSCI AC Asia Pacific Free ex-Japan Index.  The popularity of
Asian equities and market appreciation of the Company's long-term performance
record were reflected in a 32.4% rise in the Company's share price over the six
months and the shares moved to trading at a premium to net asset value at the
end of 2004.  We took advantage of this situation and utilised the Company's
authority to allot shares at net asset value or at a premium, issuing 1,300,000
new shares and raising funds totalling £2.75 million.

Overview
Asian economies have enjoyed another period of strong growth, which has been
reflected in corporate earnings and resulted in healthy gains in underlying
stock markets. Asia's two largest economies, India and China, remain the
region's driving force, with the new Indian government moving briskly to enact
economic reforms and the Chinese economy avoiding a feared hard landing.  For
the whole of 2004, however, the smaller markets of Sri Lanka, Pakistan,
Indonesia and the Philippines upstaged their larger counterparts, as investors
scoured the region in search for growth.

With the exception of the technology sector, most sectors saw healthy demand.
In particular, banks continued to report higher loan growth and a fall in
provisioning. Stronger consumer demand, supported by cheap credit and increased
public spending was also broadly reflected in corporate earnings, which remained
solid throughout. For smaller companies, domestic consumption was the common
element behind good performance.

The Portfolio
Over the six months, the Manager added to the portfolio, including Tisco
Finance, a well-managed financial institution in Thailand; Fong's Industries, a
dominant textile manufacturing equipment maker with a well-established brand
name in China; and McGuigan Simeon Wines, an efficient wine producer based in
Australia.  In addition, the portfolio's exposure to IDS Group, a Hong Kong
logistics company, was raised after having initiated a position in the company
during November's IPO. The Manager disposed of Korean rice wine maker, Kook Soon
Dang, after a failure to meet expectations and on competitive concerns. Korea's
Lotte Confectionery, which was sold after a strong run up in its share price,
was our only other outright disposal.

Share Issuance
The Company's authority to issue new shares granted at the Annual General
Meeting on 25 November 2004 is now largely exhausted.  We are therefore seeking
to renew the allotment authority and a circular regarding this proposal is being
dispatched with the interim report.

Outlook
The Manager expects Asian economies to remain healthy over the next 12 months,
although growth is expected to slow in 2005, due both to higher interest rates
and higher oil prices.  Domestic demand is likely to be the dynamo for earnings
expansion, with personal spending on an improving trend. Meanwhile, Asia's
smaller companies, notwithstanding their impressive stock market performance,
still look good value, with the portfolio on  a price earnings multiple of 13.3
times based on 2005 earnings, and a headline dividend yield of 3.4%.
Importantly corporate balance sheets are also strong, with the companies in the
portfolio in aggregate having no net debt. We therefore continue to be confident
about your Company's prospects.

Nigel Cayzer
Chairman
9 March 2005



Statement of Total Return (unaudited)
                                  Six months ended          Six months ended
                                   31 January 2005           31 January 2004
                              Revenue  Capital    Total Revenue  Capital    Total
                                £'000    £'000    £'000   £'000    £'000    £'000
Gains on investments                -   12,348   12,348       -    8,457    8,457

Income                          1,376        -    1,376     915        -      915
Investment management fee       (328)        -    (328)   (262)        -    (262)
Administration expenses         (250)        -    (250)   (218)        -    (218)
Exchange gains                      -      152      152       -      414      414
Net return before finance         798   12,500   13,298     435    8,871    9,306
costs and taxation

Interest payable and similar    (165)        -    (165)   (139)        -    (139)
charges
Return on ordinary activities     633   12,500   13,133     296    8,871    9,167
before taxation

Taxation on ordinary            (234)        -    (234)   (120)        -    (120)
activities
Transfer to reserves              399   12,500   12,899     176    8,871    9,047

Return per Ordinary share
(pence):
Basic                            1.48    46.41    47.89    0.66    33.16    33.82
Fully-diluted                    1.32    41.40    42.72    0.60    30.00    30.60

The revenue column of this statement represents the revenue account of the
Company.
The Statement of Total Return is presented in accordance with the Statement of
Recommended Practice for Financial Statements of Investment Trust Companies
issued in January 2003.
All revenue and capital items are derived from continuing operations.




Balance Sheet
                                            As at           As at           As at
                                       31 January      31 January    31 July 2004
                                             2005            2004
                                      (unaudited)     (unaudited)       (audited)
                                            £'000           £'000           £'000
Fixed assets
Investments                                73,238          61,010          60,712

Current assets
Debtors                                        78             141             193
Cash at bank and in hand                    2,277             973           1,181
                                            2,355           1,114           1,374

Creditors: amounts falling due            (8,717)         (4,200)         (9,723)
within one year
Net current liabilities                   (6,362)         (3,086)         (8,349)
Total assets less current                  66,876          57,924          52,363
liabilities

Creditors: amounts falling due
after more than one year
Bank loan                                       -         (2,515)               -
                                           66,876          55,409          52,363

Provisions for liabilities and                (9)            (17)            (31)
charges
Net assets                                 66,867          55,392          52,332


Share capital and reserves
Called-up share capital                     6,889           6,689           6,689
Capital redemption reserve                  2,062           2,062           2,062
Special reserve                            16,426          14,990          14,990
Other capital reserves:
   Warrant reserve                          2,275           2,275           2,275
   Capital reserve - realised              16,631          13,164          14,409
   Capital reserve - unrealised            21,682          15,776          11,404
Revenue reserve                               902             436             503
Equity Shareholders' funds                 66,867          55,392          52,332


Net asset value per Ordinary
share (pence):
Basic                                      242.68          207.04          195.60
Fully-diluted                              213.77          184.84          175.78




Cash Flow Statement (unaudited)
                                                      Six months       Six months
                                                           ended            ended
                                                      31 January       31 January
                                                            2005             2004
                                                           £'000            £'000
Net cash inflow from operating activities                    786              450
Net cash outflow from servicing of finance                 (166)            (155)
Net cash outflow from financial investment                 (307)            (575)
Equity dividend paid                                       (829)            (829)
Net cash outflow before financing                          (516)          (1,109)

Net cash inflow from financing                             1,462              873
Increase/(decrease) in cash                                  946            (236)


Reconciliation of operating revenue to net cash
inflow from operating activities
Net revenue before interest payable and taxation             798              435
Decrease in accrued income                                    73               96
Decrease/(increase) in other debtors                          40              (4)
Increase in other creditors                                    7               23
Overseas withholding tax suffered                          (132)            (100)
                                                             786              450

Reconciliation of net cash flow to movements in
net debt
Increase/(decrease) in cash as above                         946            (236)
Cash outflow/(inflow) from drawdown of loans                 169            (873)
Exchange movements                                           150              414
Movement in net funds/(debt) in the period                 1,265            (695)
Opening net debt at 1 August                             (7,024)          (4,599)
Closing net debt at 31 January                           (5,759)          (5,294)

Represented by:
Bank balances and short term deposits                      2,277              973
Debt falling due within one year                         (8,036)          (3,752)
Debt falling due after more than one year                      -          (2,515)
                                                         (5,759)          (5,294)



Notes:

1. In accordance with the stated policy no interim dividend has been declared
(2004 - nil).

2. The breakdown of income for the periods to 31 January 2005 and 31 January
2004 was as follows:

                                    31 January       31 January
                                          2005             2004
                                         £'000            £'000
Income from investments
Overseas dividends                       1,345              907

Other income
Deposit interest                            31                8
Total income                             1,376              915

3. The basic revenue return per Ordinary share is based on net revenue on
ordinary activities after taxation of £399,000 (2004 - £176,000) and on
26,933,448 (2004 - 26,754,100) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the period.

The basic capital return per Ordinary share is based on net capital gains for
the period of £12,500,000 (2004 - gains of £8,871,000) and on 26,933,448 (2004 -
26,754,100) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.

The calculation of the fully diluted revenue and capital returns per Ordinary
share are carried out in accordance with Financial Reporting Standard No.14,
'Earnings per Share'. For the purposes of calculating the diluted revenue and
capital returns per Ordinary share, the number of Ordinary shares is the
weighted average used in the basic calculation plus the number of Ordinary
shares deemed to be issued for no consideration on exercise of all Warrants by
reference to the average price of the Ordinary shares during the period. The
calculations indicate that the exercise of Warrants would result in an increase
in the weighted average number of Ordinary shares of 3,256,205 (2004 -
2,817,158) to 30,189,653 (2004 - 29,571,258) Ordinary shares.

4. The basic net asset value per Ordinary share is based on net assets at the
period end, and on 27,554,100 (31 January 2004 and 31 July 2004 - 26,754,100)
Ordinary shares, being the number of Ordinary shares is issue at the period end.

The fully-diluted net asset value per Ordinary share have been calculated on the
assumption that the 6,999,400 (31 January 2004 and 31 July 2004 - 6,999,400)
Warrants in issue were exercised on the first day of the financial period at
100p per share, giving an average number of 34,553,500 (31 January 2004 and 31
July 2004 - 33,753,500) Ordinary shares in issue.

5. The financial information for the six months ended 31 January 2005 and 31
January 2004 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985. The financial information for the year ended 31 July
2004 has been extracted from published accounts that have been delivered to the
Registrar of Companies and on which the report of the auditors was unqualified.
The interim accounts have been prepared on the same basis as the annual
accounts.

6. Copies of the Interim 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
9 March 2005



Independent Review Report to
Aberdeen Asian Smaller Companies Investment Trust PLC


Introduction
We have been instructed by the Company to review the financial information for
the six months ended 31 January 2005 which comprises the Statement of Total
Return, Balance Sheet, Cash Flow Statement and the related notes 1 to 5. We have
read the other information contained in the Interim Report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.

This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 `Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.

Directors' responsibilities
The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the Interim Report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
`Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data, and based thereon, assessing whether the
accounting policies and presentation have been consistently applied, unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.

Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 January 2005.


Ernst & Young LLP
9 March 2005