Final Results - Year Ended 31 December 1999

Anglo-Eastern Plantations PLC
3 May 2000

                                          Wednesday 3 May 2000


                 ANGLO-EASTERN PLANTATIONS PLC
                               
 PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 1999

Anglo-Eastern  Plantations, which operates and  is  developing
plantations  in  Indonesia  and  Malaysia  amounting  to  some
40,000ha producing palm oil, rubber and cocoa, today announced
its results for 1999:
                                    1999      1998    Change
Turnover (£000)                   12,196     8,997    +35.6%
Operating profit (before           5,764     5,101    +13.0%
interest/exceptionals) (£000)
Pre tax profit (£000)              5,734     5,819     -1.5%
EPS (p)                              7.6       8.0     -5.0%
Dividend per share (p)              2.56      4.34    -41.0%

*    13%  increase in operating profit caused by  increase  of
     17% in oil palm production

*    Palm  oil  price fell 40% over the year, nearing historic
     lows

*    Progressive reduction in Indonesian export tax  from  60%
     to 10% during year partly offset the price fall

*    Pre-tax  profit and EPS down slightly because exceptional
     profits in 1998 not repeated

*    NAV per share 118p (1998: 106p)

*    Steady  progress  on  new oil palm  project;   production
     starts  in  current year and expected to make significant
     impact by 2002

*    Long  term development loans of US$12 million agreed,  to
     fund mill construction and continuing development

*    Dividend   reduced  in  order  to  maintain   development
     programme

*    Mr Chan Teik Huat, Chairman and Chief Executive, said 'In
     the  absence  of any deterioration in the socio-political
     situation in Indonesia and if the CPO prices continue  to
     hold  steady  at recent levels of $380/mt, the  board  is
     optimistic  of satisfactory results for year 2000.   Half
     the  company's  planted area is immature  representing  a
     sound  base for strong profit growth over the  next  five
     years.'

Enquiries:
Anglo-Eastern Plantations plc
  Rollo Barnes  (Financial Director) 00 60 3 293 2352 (direct)
                                   00 60 3 293 1828 (extn 653)
                                        020 7236 2838 (London)
Bankside Consultants Limited                     020 7220 7477
  Charles Ponsonby


EXTRACTS FROM CHAIRMAN'S STATEMENT

Group  profit  before tax for 1999 amounted  to  $9.2  million
which was 5% below the previous year. However, the 1998 profit
included  $1.1  million arising from asset sales  and  foreign
exchange  gains. Therefore, the operating profit for  1999  of
$9.3 million was 10% higher than the corresponding figure  for
the previous year.

The  improvement in operating profit reflected better oil palm
production  after the drought affected year of 1998.  Although
the  very  high Indonesian export tax was removed in mid-1999,
CPO  prices  also  fell  steadily from February  1999  thereby
offsetting  the  benefit. The Indonesian  rupiah  strengthened
after  the heavy devaluation in 1998 and this also contributed
to the lower overall margin in 1999.

With  higher  taxation  and minority  interests,  the  Group's
earnings per share fell about 9% to 12.3 cts.

Commodity Prices
After  nearly  four years of satisfactory levels,  CPO  prices
fell from over $600/mt (c.i.f. Rotterdam) at the beginning  of
the  year  to a low of $280/mt last July, ending the  year  at
$350/mt.  Rubber  prices were static for  most  of  the  year,
strengthening a little towards the end. Cocoa prices  weakened
by about 40% during 1999.

The tax on CPO exports from Indonesia was reduced from 60%  to
40%  in February 1999, to 30% in June 1999 and finally to  10%
in  November  1999.  On the formula as applied, the  effective
tax  is  now  only about 4%. As long as the CPO prices  remain
under  $400/mt,  we believe the export tax is unlikely  to  be
raised.  Under the agreement between the Indonesian government
and  the  International Monetary Fund, the tax rate is limited
to  below 10%. The reduction of the export tax on CPO from 60%
to  4%  should  have compensated for the fall  in  CPO  price.
However, with the lagging effect of the tax reduction, we  did
not enjoy the full benefit.

Valuation
As  in  1998, we have included our Indonesian estates  in  the
group  balance sheet at values based on discounted  values  of
the  estimated cash flows. The increase in the total value  of
$7.7  million  reflects the increased areas  planted  and  the
progress to maturity of those properties.

Indonesia
After the residual effect of the severe drought in 1998, crops
from  Tasik  and Anak Tasik estates increased by 7%  over  the
previous  year.  Increasing  competition  from  nearby   mills
continues  to  make it difficult for us to  find  fruits  from
outside   estates   for   processing  at   profitable   rates.
Consequently, processing at our Tasik mill of FFB from outside
producers fell by 14.1% in 1999.

On  the  North  Sumatra estates, FFB production  continued  to
increase  dramatically with one estate  recording  an  average
yield  of  31  mt/ha. The improvement is not  expected  to  be
sustainable  and production will plateau out. Production  from
the  remaining  small  area  of rubber  and  cocoa  crops  was
slightly below expectation. Both crops remained profitable  in
1999  but  were  not significant contributors to  the  group's
profit.


Steady progress continues on our Bengkulu estates. By the  end
of  1999,  7,700  ha had been planted with  another  1,440  ha
cleared  and  in  the  process of  being  planted.  The  first
plantings in 1997 will provide a small crop of about 7,000  mt
of  FFB  in  year 2000 and thereafter production  should  rise
rapidly to some 90,000 mt in 2002. Maintenance of the immature
areas  represents a considerable capital commitment. With  the
current  low  CPO  prices, we have adjusted the  rate  of  new
development to within our cash generating capability.

In  2000,  we shall be commencing construction of an oil  mill
for commissioning in early 2002 in Bengkulu.

We  are very pleased with the enthusiasm and dedication of our
Indonesian team and the progress to date at Bengkulu has  been
most satisfactory in very trying conditions.

Malaysia
Little  new  development  work  took  place  in  1999  at  our
Malaysian  estate.  Half  of  the property  planted  is  still
immature  and much of the other half newly mature.  Production
increased to a satisfactory 17,000 mt of FFB in 1999. This was
above  expectations and reflected sustained management  effort
in  an  estate  with difficult terrain. The  estate  has  also
suffered  from occasional shortage of labour, a problem  which
has largely been overcome. With the low CPO prices, the estate
broke   even  in  1999.  As  production  from  maturing  areas
increases,   it   should   make  a  reasonable   contribution,
particularly if CPO prices improve.

Share Capital
During  1999, the company purchased a further 0.8  million  of
its  shares  for  cancellation bringing the  total  number  of
shares  re-purchased over three years to  2.9  million  at  an
average price of 49p per share.

Finance
Given  the  large  development programmes in Bengkulu  and  in
Malaysia,  we have planned for further funding for some  time.
The  high  CPO  prices  in  recent  years  helped  defer  this
requirement. With the fall in CPO prices, we began to  explore
again  a  listing of the company's shares in the Far East.  We
have  carried out much of the basic work but have  decided  to
postpone an issue at this stage because it looks difficult  to
achieve  an  issue price which fairly reflects the  underlying
value  of the company. As a result, we pursued the possibility
of medium term debt financing. At the date of this report, two
offers  have been made by banks - one of $10 million  to  fund
the  construction of an oil mill in Bengkulu and  to  continue
field  development there and another of $2.1 million  to  fund
the  residual  field  development  at  the  Malaysian  estate.
Documentation on the latter loan has been agreed and  for  the
former loan is in progress.

Dividend
In the past years, the board has tried to maintain a policy of
steady  or  improving dividends. In the light of the  low  CPO
prices and the cash requirement for the large development work
in hand, the board has decided to reduce the dividend for 1999
to 4.00cts (2.56p) per share. With any significant improvement
in  CPO  prices  and  higher  output,  the  board  intends  to
reinstate the rate of dividend payout in the future.

Outlook
The  economy  of  East Asia has started to recover  after  the
problems  in 1997/1998. However, the socio-political situation
in Indonesia must be given time to stabilise. Supported by the
initiative  and fortitude of our local staff, the   group  has
weathered the volatility of the past year well. I am confident
they  can be relied upon in the future. In the absence of  any
deterioration  in the socio-political situation  in  Indonesia
and if the CPO prices continue to hold steady at recent levels
of  $380/mt,  the board is optimistic of satisfactory  results
for year 2000. Production from the Bengkulu estates will begin
to  make  an impact in 2001 and when the proposed oil mill  is
completed  in early 2002, the profit contribution  from  these
properties will be significant.


PROFIT AND LOSS ACCOUNT                                   
                            1999       1998      1999     1998
                                             
                            US$'000    US$'000   £'000    £'000
Turnover                    19,636     14,944    12,196   8,997
Operating profit            9,280      8,473     5,764    5,101
                                                          
Net interest receivable     277        245       172      148
Exceptional                 (326)      948       (202)    570
(losses)/profits
                                                          
Profit before tax           9,231      9,666     5,734    5,819
                                                          
Taxation                    (3,399)    (3,170)   (2,111)  (1,908)
Profit after tax            5,832      6,496     3,623    3,911
Minority interests          (984)      (1,042)   (611)    (627)
                                                          
Profit attributable to      4,848      5,454    3,012    3,284
shareholders
Dividends                   (1,569)    (2,746)   (975)    (1,652)
Retained profit for the     3,279      2,708     2,037    1,632
year
                                                          
Earnings per ordinary share 12.3cts    13.3cts    7.6p      8.0p
                                                          
EXCEPTIONAL ITEMS:                                        
                            1999       1998      1999     1998
                            US$'000    US$'000   £'000    £'000
Profit on sale of UK        -          387       -        233
property
Profit on sale of interest  -          239       -        144
in subsidiary
Profit/(loss) on current    209        (181)     130      (109)
investments
Abortive listing expenses   (150)      -         (93)     -
Exchange (losses)/profits   (385)      503       (239)    302
Total                       (326)      948       (202)    570
                                                          
TAXATION:                                                 
                            1999       1998      1999     1998
                            US$'000    US$'000   £'000    £'000
Foreign corporation tax     3,179      2,615     1,974    1,574
Foreign withholding tax     220        555       137      334
                            3,399      3,170     2,111    1,908

DIVIDEND:      The  board  have  proposed  a  final  and  only
               dividend  for 1999 of 4.00cts (1998 -  7.00cts)
               to be paid on 16 August 2000 to shareholders on
               the  register  on  28 July 2000.   Shareholders
               electing  to receive their dividend in sterling
               will receive 2.56p (1998 - 4.34p).

ACCOUNTS:      The  financial information set out  above  does
               not  comprise the company's statutory accounts.
               Statutory  accounts for the previous  financial
               year ended 31 December 1998 have been delivered
               to  the  Registrar of Companies.  The auditors'
               report  on  those accounts was unqualified  and
               did  not  contain any statement  under  section
               237(2)  or (3) of the Companies Act 1985.   The
               auditors have not yet reported on accounts  for
               the  year ended 31 December 1999, nor have  any
               such  accounts been delivered to the  Registrar
               of   Companies.   Accounting  policies   remain
               unchanged from the previous year.  This  report
               was approved by the board on 3 May 2000.





CONSOLIDATED BALANCE SHEET                                
                            1999       1998      1999     1998
                            US$'000    US$'000   £'000    £'000
Fixed assets                95,284     87,587    59,183   52,322
                                                          
Cash                        2,709      7,866     1,683    4,698
Other current assets        3,860      5,011     2,397    2,994
                            6,569      12,877    4,080    7,692
Borrowings                  -          (923)     -        (551)
Other current liabilities   (7,614)    (10,035)  (4,729)  (5,995)
                                    
                            (7,614)    (10,958)  (4,729)  (6,546)
                                    
Net current (liabilities) / (1,045)    1,919     (649)    1,146
assets
                                                          
Deferred tax                (590)      (590)     (366)    (352)
                                                          
                            93,649     88,916    58,168   53,116
                                                          
Share capital               15,171     15,480    9,808    10,008
Share premium               23,570     23,570    15,329   15,329
Share capital redemption    1,087      778       663      471
reserve
Revaluation and exchange    8,575      6,290     4,264    1,741
reserve
Profit and loss account     26,173     24,902    16,257   14,876
                                                          
Shareholders' funds         74,576     71,020    46,321   42,425
Minority interests          19,073     17,896    11,847   10,691
                                                          
                            93,649     88,916    58,168   53,116
                                                          
STATEMENT OF RECOGNISED GAINS AND LOSSES               
                              Consolidated             
                            1999       1998               
                            US$000     US$000             
Profit for the financial    4,848      5,454              
year
Unrealised revaluation      (6,795)    9,313              
(loss)/surplus
Profit/(loss) on exchange   7,752      (21,276)            
translation                          
Total recognised                                          
gains/(losses) relating to  5,805      (6,509)
the year
                                                          
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS     
Total recognised gains      5,805      (6,509)            
/(losses)
Dividends                   (1,569)    (2,746)            
Transfers re purchase of    (680)      (1,411)            
own shares
Reserves relating to                                      
disposal of interest in        -         (611)
subsidiary
Net increase/(decrease) in                                
shareholders' funds         3,556     (11,277)
                                    
                                                          
Beginning of year           71,020     82,297             
                                                          
End of year                 74,576     71,020             
                                                          


CASH FLOW                                                 
                            1999       1998      1999     1998
                            US$000     US$000    £000     £000
Cash flow from operating    11,406     12,012    7,290    7,160
activities
Returns on investment and                                 
servicing of finance           277        245       172      148
Tax paid                    (3,263)    (3,510)   (2,027)  (2,114)
Capital expenditure         (9,447)    (8,280)   (5,868)  (4,985)
Proceeds from disposal of                                 
interest in subsidiary           -      2,640         -    1,589
Dividend paid to parent     (2,746)    (2,745)            
company shareholders                             (1,706)  (1,653)
Dividends paid to                -       (939)        -     (565)
minorities
                                                          
Cash flow before use of     (3,773)      (577)    (2,139)  (420)
liquid resources
Proceeds from sale of       -          159       -        96
current investments
Financing                                                 
   Purchase of own shares   (680)      (1,411)   (422)    (849)
   Loan repayment           (923)      (923)     (573)    (556)
Subscription by minority    219        1,872     119      1,127
shareholder
                            (1,384)    (462)     (876)    (278)
                                                          
(Decrease) in cash          (5,157)    (880)    (3,015)   (602)
                                                          
CROPS                                                     
                            1999       1998               
                            Tonnes     Tonnes             
Oil palm fresh fruit                                      
bunches                     206,725   176,546
  -ex estates
  -bought in and processed  36,730     42,750             
for third parties
Crude palm oil              42,941     31,224             
Rubber                      1,595      1,621              
Cocoa                       182        206                
                                                          
AREAS                                                     
                            Total      Mature    Immature  
                                             
                            ha         ha        ha       
Oil palm                    21,700     10,833    10,867   
Rubber                      1,241      1,112     129      
Cocoa                       230        172       58       
                            23,171     12,117    11,054   
Reserves                    19,030                        
Total                       42,201