Interim Results

MORGAN GRENFELL LATIN AMERICAN COMPANIES TRUST PLC
20 October 1999

                                       
                      PRELIMINARY ANNOUNCEMENT OF RESULTS
                    FOR THE HALF YEAR ENDED 31 AUGUST 1999
                                       
EXTRACT FROM THE CHAIRMAN'S STATEMENT
The  Brazilian devaluation in January has proved to be a turning point; since
then  most Latin American markets have shown strong recovery  although  gains
were trimmed in  July  and  August  as markets  responded  to  concerns about 
increasing  US  interest rates.   During  the  six  months between the end of 
February  and August  the  MSCI  Latin  American  Free  Index  rose  23.1% in
sterling  value,  led by a 30.8% increase in Brazil.   Argentina was the next 
best performing market with  a  gain  of 25.7%.  Mexico  rose 21.4% and Chile
21.8%.  The smaller markets  lagged  with  Peru  up  11.8% but Venezuela only
up  5.1%  and  Colombia declining  16.5%.  Our  net  asset  value  per  share 
slightly underperformed the benchmark index with a gain of 21.9%; during this 
period  we  moved  from an underweight  to  an  overweight position in Brazil
and our Brazilian shares did not quite match that  market's return.  However,
we did  outperform  the  Argentine market  and we matched the Mexican return. 
Over one year our  net  asset  value per  share has  increased by 34.4%.  Our
share price has performed in line with the net asset  value rising from 46.0p
at the end of February to 56.5p at the end of August, a 22.8% increase. There
has been little change in the discount to net asset value which stood at 21.9%
at the interim stage; the  Board has continued to use its powers to repurchase
for  cancellation a total of 1,350,000 shares during the  period and   we have
also given  our  full  support  to  the  recent initiative  of the Association
of Investment Trust Companies  to  promote  greater  interest  in the industry
through  the  'its' campaign.
       
The main driving force behind the recovering markets has been  a sharp  fall 
in  interest  rates,  particularly  in  Brazil and Mexico; in both countries
rates have dropped  from  levels  of over 40% at the time of the devaluation
to under 20% currently.  Not only is there  a  direct  relationship  between 
falling interest  rates  and improving sentiment which leads to rising stock 
markets,  there is also now an expectation  of  improving  economic activity
throughout most of the region.
                                                                       
                                                     J.W.R. Shakespeare
                                                               Chairman
       
The  financial  information for the year ended 28 February  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  half-yearly  report will be sent to shareholders  and will also be made 
available  to  the  public  at  the  Company's registered office.

       
By  order  of  the  Board                                 Registered Office:
P A Hogwood                                               20 Finsbury Circus
Secretary                                                 London EC2M 1NB
       

For further information please contact:
       
James Fox or Rosie Bichard at Deutsche Asset Management
Tel: [phone]
       


SIX MONTHS ENDED 31 AUGUST 1999
Prelimary announcement
                    31 August 1999     28 February 1999        31 August 1998 

Net Asset Value per                                                           
Ordinary Share
Basic                   72.3p                59.3p                  53.8p     
Fully Diluted           77.1p                66.2p                  61.5p     
                      
Statement of Total Return (incorporating the revenue account*)
           
              Six months to         Year to 28             Six months to
              31 August 1999        February 1999          31 August 1998
           Revenue Capital Total Revenue Capital Total  Revenue Capital Total
            £'000   £'000  £'000  £'000   £'000  £'000   £'000   £'000  £'000 
                     
Gains/(losses) 
on investments   -   7,837  7,837     - (22,418)(22,418)    - (25,992)(25,992)
                      
Income         639       -    639 1,823       -   1,823   987       -     987
Investment 
management
fee           (317)      -   (317) (545)      -    (545) (303)      -    (303)
Other expenses (88)      -    (88) (289)      -    (289) (135)      -    (135)
                      
Net return 
before finance 
costs and 
taxation       234   7,837  8,071   989 (22,418)(21,429)  549 (25,992)(25,443)
Interest 
payable         (1)      -    (1)     -       -       -     -       -       -
                      
Return on ordinary
activities before 
tax            233   7,837 8,070    989 (22,418)(21,429)  549 (25,992)(25,443)
Tax on ordinary 
activities     (36)      -   (36)  (315)      -    (315) (150)      -    (150)
                                                            
Return on ordinary                                                            
activities after
tax for the period 
attributable to 
equity 
shareholders   197   7,837 8,034    674 (22,418)(21,744)  399 (25,992)(25,593)
Dividend in 
respect of     
equity shares    -       -     -   (411)      -    (411)    -       -       -
                      
Transfer to/
(from) 
reserves       197   7,837 8,034    263 (22,418)(22,155)  399 (25,992)(25,593)
                                                         
Return per 
ordinary                                                                      
share:
Basic and 
Diluted    0.31p 12.50p 12.81p 1.06p (35.07)p (34.01)p 0.62p (40.54)p (39.92)p
                                                           
*The revenue column of this statement is the profit and loss 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 the period.
                                                                              
The statement of total return is unaudited. The comparative figures in respect
of the year to 28 February 1999 are derived from the full accounts which have
been delivered to the Registrar of Companies and which contain an unqualified
audit report.