Preliminary Annual Results

Aberdeen Asian Smaller Co's Inv Tst
12 October 2000


ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
for the year ended 31 July 2000

Highlights


* Net Asset Value per share up 33% over the year (MSCI AC Asia Pacific ex
Japan Index +8.7%)

* Enhancement of Net Asset Value per share via ongoing buy-back programme 

* Asian markets rebound strongly, with earnings surprises on upside

* Global risks, reform issues now causing markets to slow, but fundamentals
remain attractive 

* Dividend increased to 1.22p per share


At the time of my Interim Report, I expressed confidence in the value offered
by Asian smaller companies.  That confidence has been borne out in a further
appreciation of your Company's net asset value per share, which, over the year
as a whole, has risen by 33.4% to 129.46p as at 31 July 2000. This rise
compares most favourably with  a rise of 8.7% in the MSCI AC Asia Pacific ex
Japan Index over the same period.

The Board is recommending payment of a dividend of 1.22p per Ordinary share,
against 0.26p last year.

During the year, the Company bought back 14.99% of its issued Ordinary share
capital.  This was effected at a discount to net asset value and resulted in
the enhancement of the net asset value of the outstanding shares.  The Board
recommends the continuation of such a shareholder value enhancing programme
and has tabled proposals to renew the authority for the Company to buy back up
to another 14.99% of its issued share capital.  Details are contained in the
circular that will accompany the mailing of the Annual Report.  Your Directors
recommend all shareholders and warrantholders to vote in favour of the
respective resolutions.

Looking back on the year under review, the Company has benefited from a sharp
pick-up in Asian economies and in corporate earnings.  The pattern of stock
market movements during the period was, however, volatile with Asia being
sucked into the global technology bubble.  As mentioned in my Interim Report,
we used this bubble as an opportunity to exit various holdings.  The stock
markets have since become more rational and focused on fundamentals - both at
the country and company level.  This has rewarded our managers' investment
style, which concentrates on close and regular contact with company management
and favours investment in those companies with quality of earnings or assets
and strong balance sheets. 

Looking ahead, the outlook for the current year is promising.  Asian earnings
and economies are set to improve, albeit at a slower pace than the previous
year, which was more a sharp bounce from prior depressed levels. Fundamentally
the smaller companies in which we are investing are cheaper than their larger
counterparts, whilst enjoying similar or better growth.  Your Board,
consequently, looks forward to the future with confidence.




Nigel Cayzer
Chairman
12 October 2000





The unaudited results were:

Statement of total return (incorporating the revenue account)
For the year ended 31 July 2000


                                                       Year ended
                                                      31 July 2000
                                                       (unaudited)
                                              Revenue    Capital     Total
                                               £'000      £'000      £'000
                     
Gains on investments                               -     10,188     10,188
                     
Income                                         1,334          -      1,334
Investment management fee                       (340)         -       (340)
Other expenses                                  (296)         -       (296)
Exchange losses                                    -       (103)      (103)
                                             _______    _______    _______
Net return before finance costs and taxation     698     10,085     10,783
Interest payable and similar charges            (145)         -       (145)
                                             _______    _______    _______
Return on ordinary activities before tax         553     10,085     10,638
Tax on ordinary activities                      (189)         -       (189)
                                             _______    _______    _______
Return on ordinary activities after taxation     364     10,085     10,449
Dividends in respect of
equity shares 1.22p (1999: 0.26p)               (363)         -       (363)
                                             _______    _______    _______
Transfer to reserves                               1     10,085     10,086
                                             =======    =======    =======
Return per Ordinary share (pence):                     
Basic                                           1.12      31.08      32.20
                                             =======    =======    =======

 
                                                       Year ended
                                                      31 July 1999
                                                       (unaudited)
                                                        (restated)
                                              Revenue    Capital     Total
                                               £'000      £'000      £'000
                     
Gains on investments                               -     14,254     14,254
                     
Income                                           869          -        869
Investment management fee                       (321)         -       (321)
Other expenses                                  (268)         -       (268)
Exchange losses                                    -        (93)       (93)
                                             _______    _______    _______
Net return before finance costs and taxation     280     14,161     14,441
Interest payable and similar charges             (47)         -        (47)
                                             _______    _______    _______
Return on ordinary activities before tax         233     14,161     14,394
Tax on ordinary activities                      (141)         -       (141)
                                             _______    _______    _______
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      (91)         -        (91)
                                             _______    _______    _______
Transfer to reserves                               1     14,161     14,162
                                             =======    =======    =======
Return per Ordinary share (pence):                     
Basic                                           0.26      40.46      40.72
                                             =======    =======    =======


* 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 2000

                                                        31 July    31 July
                                                           2000       1999
                                                     (unaudited)  (audited)
                                                          £'000      £'000
Fixed assets              
Investments                                              38,693     33,646
                                                        -------    -------
Current assets              
Debtors                                                     160        482
Cash at bank and in hand                                  1,010      1,643
                                                        -------    -------
                                                          1,170      2,125
Creditors: amounts falling due within one year           (1,321)    (1,966)
                                                        -------    -------
Net current (liabilities)/assets                           (151)       159
                                                        -------    -------
Total assets less current liabilities                    38,542     33,805
Provision for liabilities and charges                       (22)       (23)
                                                        -------    -------
Net assets                                               38,520     33,782
                                                        =======    =======    
         
Capital and reserves              
Called-up share capital                                   7,439      8,750
Capital redemption reserve                                1,312          -
Share premium account                                         -     22,941
Special reserve                                          17,746          -
Other reserves:              
    Warrant reserve                                       2,275      2,275
    Capital reserve - realised                            4,837     (3,513)
    Capital reserve - unrealised                          4,671      3,090
Revenue reserve                                             240        239
                                                        -------    -------
Total equity shareholders' funds                         38,520     33,782
                                                        =======    =======    
         
Net asset value per Ordinary share (pence)               
Basic                                                    129.46      96.52
                                                        =======    =======    
         
Fully - diluted                                          123.85        n/a
                                                        =======    =======    
         

Cash Flow Statement of the Company
For the year ended 31 July 2000

                                        2000                   1999
                                  £'000       £'000      £'000      £'000

Net cash inflow from
operating activities                            590                    22

Servicing of finance                            
Interest paid                      (149)                   (42)       
                                _______                _______
Net cash outflow from
servicing of finance                           (149)                  (42)
                            
Taxation                            
Net tax recovered                               344                   168
                            
Financial investment                            
Purchases of investments        (10,519)                (8,459)       
Sales of investments             15,660                  7,187       
                                _______                _______
Net cash inflow/(outflow)
from financial investment                     5,141                (1,272)
                            
Equity dividends paid                           (93)                  (38)
                                            _______               _______
Net cash inflow / (outflow)
before financing                              5,833                (1,162)
                            
Financing                            
Repurchase of Ordinary shares    (5,195)                     -       
Expenses paid in respect
of share buybacks                  (153)                     -       
(Repayment)/drawdown of loans    (1,000)                 1,750       
                                _______                _______
Net cash (outflow)/inflow
from financing                               (6,348)                1,750
                                            _______               _______
(Decrease)/increase in cash                    (515)                  588
                                            =======               =======
Reconciliation of net cash flow
to movements in net funds / (debt)                            
(Decrease)/increase in cash as above           (515)                  588
Cash inflow / (outflow) from
decrease / (increase) in loans                1,000                (1,750)
Exchange movements                             (118)                  (77)
                                            _______               _______
Movement in net funds in the year               367                (1,239)
Net (debt) / funds at 1 August                 (107)                1,132
                                            _______               _______
Net funds / (debt) at 31 July                   260                  (107)
                                            =======               =======

 
Notes:-

1  The basic capital return per share is based on net capital gains of
£10,085,000 (1999: gains of £14,161,000) and on 32,453,641 Ordinary shares of
25p being the weighted average number of shares in issue for the year (1999:
35,000,367).

2  The basic revenue return per share is based on the earnings of £364,000
(1999: £92,000) and on 32,453,641 Ordinary shares of 25p being the weighted
average number of shares in issue for the year (1999: 35,000,367).

3  The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 July 2000 or 1999. The financial
information for 1999 is derived from the statutory accounts for 1999 which
have been delivered to the Registrar of Companies.  The auditors have reported
on the 1999 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 2000 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 in due course.

4  During the year 5,246,500 Ordinary shares were bought back for cancellation
at a cost of £5,195,000.

5  The Board has declared a final dividend in respect of the year ended 
31 July 2000 of 1.22p net per share (1999: 0.26p).  The final dividend will
have a record date of 27 October 2000 and, if approved by shareholders, will
be paid on 30 November 2000 to holders of Ordinary shares on the register on
the record date.

6  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
12 October 2000