Interim Results

Aberdeen Latin American Inv Tst PLC
17 February 2000


ABERDEEN LATIN AMERICAN INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
for the six months to 31 December 1999

The Company's undiluted net asset value per Ordinary share at 31 December 1999
was 87.97p, which compares with a value of 75.05p at 30 June 1999.  This
represents an increase in the net asset value of 17.2%, which compares with an
increase of 17.2% in the MSCI EMF Latin American Index in sterling terms over
the same period.  The mid-market prices of the Company's Ordinary shares and
Warrants as at 31 December 1999 were 68.5p and 25.5p respectively.

Latin American equity markets were very strong during the second half of 1999
as it became clear that the worst of the recession was past and that the
region's economies looked set for very strong growth in 2000.  By the end of
the year, concerns about the end of the millennium had diminished, and a
global rally in technology stocks pushed the telecom-rich indices of Brazil
and Mexico to all-time highs.  The region also benefited from a number of
other global developments, including the continued strength in the price of
oil and other commodities, and from the strong economic recovery in Asia.

The region's economies began a modest recovery in the second half of 1999 as
the effects of the Brazilian devaluation earlier in the year subsided.  The
Brazilian economy continued to stabilise with inflation falling to single
digits by the year-end, and interest rates declining significantly.  The
country's trade balance also moved into positive territory, and the
troublesome fiscal deficit showed a significant improvement. 

The Mexican economy has also continued to perform very well.  It was the first
in the region to turn around when the export sector received a boost from the
very strong US economy.  In the second half of the year the revival of the
domestic sector accelerated the recovery, although inflation remained under
control.  On the political front, Francisco Labastida won the PRI party
primary election by a large margin, and has emerged as the early favourite to
win the presidential election this year.  Mexico has also received a number of
upgrades from the major debt rating agencies over the last six months and
could be granted investment grade status in 2000.

Argentina and Chile both elected new presidents, although economic policies
were expected to be little changed.  Fernando de la Rua of the Social
Democratic Party took over the helm in Argentina after ten years of Peronist
party rule.  In Chile, Ricardo Lagos scored a narrow victory to become the
country's first Socialist president since the 1973 coup.  Both presidents have
inherited very weak economies, but the outlook for 2000 looks more promising. 
Chile and Colombia decided to abandon their managed exchange rate regimes,
leaving Argentina as the last major economy with a fixed exchange rate.

The long-term outlook for Latin America remains positive, although the
region's performance will periodically be affected by developments in the US
markets.  Interest rates in the region are still at historically high levels
and remain in a downward trend.  Valuations, while not inexpensive following
the strong performance of the markets, are still fair.  Finally, the strong
economic growth expected in the region should result in sustained growth in
corporate profits over the next two years.

Bryan N. Lenygon
Chairman
17 February 2000


The unaudited results were:

Statement of total return (incorporating the revenue account *)
For the six months to 31 December 1999

                                              Six months ended
                                              31 December 1999
                                                (unaudited)
                                       Revenue   Capital      Total
                                        £'000       £'000       £'000
                     
Gains on investments                        -       2,716       2,716
                     
Income                                     87           -          87
Investment management fee                 (21)        (63)        (84)
Other expenses                           (105)          -        (105)
Exchange losses                             -         (19)        (19)
                                       ______________________________
Net (loss)/return before
finance costs and taxation                (39)      2,634       2,595
Interest payable and similar charges       (1)         (2)         (3)
                                       ______________________________
(Loss)/return on ordinary
activities before tax                     (40)      2,632       2,592
Tax on ordinary activities                (16)          8          (8)
                                       ______________________________
Transfer(from)/to reserves                (56)      2,640       2,584
                                       ______________________________
                                       ______________________________
                     
Return per Ordinary share (pence):                     
- Basic                                 (0.28)      13.20       12.92
                                       ______________________________
                                       ______________________________
                     


                                              Six months ended
                                              31 December 1998
                                                (unaudited)
                                       Revenue   Capital      Total
                                        £'000       £'000       £'000
                     
Losses on investments                       -      (4,562)     (4,562)
                     
Income                                    195           -         195
Investment management fee                 (18)        (54)        (72)
Other expenses                           (127)          -        (127)
Exchange losses                             -         (22)        (22)
                                       ______________________________
Net return/(loss) before
finance costs and taxation                 50      (4,638)     (4,588)
Interest payable and similar charges       (8)        (14)        (22)
                                       ______________________________
Return/(loss) on ordinary
activities before tax                      42      (4,652)     (4,610)
Tax on ordinary activities                (23)         14          (9)
                                       ______________________________
Transfer to/(from) reserves                19      (4,638)     (4,619)
                                       ______________________________
                                       ______________________________         

Return per Ordinary share (pence):                  
- Basic                                  0.10      (23.19)     (23.09)
                                       ______________________________
                                       ______________________________
                     


* 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 December 1999

                          31 December 1999  31 December 1998      30 June 1999
                               £'000            £'000                 £'000
                            (unaudited)      (unaudited)            (audited)
                     
Fixed assets                     
Investments                    16,033          10,437                14,716
Current assets                     
Debtors                           166             223                   329
Cash at bank and in hand        1,470             178                   154
                          _________________________________________________
                                1,636             401                   483
Creditors: amounts falling
due within one year               (75)            (59)                 (189)
Net current assets              1,561             342                   294
Total assets less
current liabilities            17,594          10,779                15,010
Provisions for liabilities
and charges                         -              (9)                    -
                          _________________________________________________
Total net assets               17,594           10,770               15,010
                          _________________________________________________
                          _________________________________________________
                     
Capital and reserves                     
Called-up share capital         5,000            5,000                5,000
Share premium account          11,642           11,642               11,642
Warrant reserve                 2,353            2,353                2,353
Other reserves:                     
 Capital reserve - realised    (5,080)          (4,367)              (4,893)
 Capital reserve - unrealised   3,460           (4,090)                 633
Revenue reserve                   219              232                  275
                          _________________________________________________

Total equity shareholders'
funds                          17,594           10,770               15,010
                          _________________________________________________
                          _________________________________________________
                     
Net asset value per Ordinary
share (pence):                       
- Basic                         87.97            53.85                75.05
                          _________________________________________________
                          _________________________________________________

1. In accordance with the stated policy no interim dividend has been declared
for the period (1998 - nil).

2. The breakdown of income for the periods to 31 December 1999 and 31 December
1998 was as follows:       
                                             31 Dec 1999       31 Dec 1998
       Income                                   £'000             £'000
       Unfranked investment income (gross)         72               177
       Deposit interest                            15                18
       Total income                                87               195
                     
The statement of total return has been shown in accordance with the recently
published Financial Reporting Standard 16 'Current Tax', which disregards tax
credits to franked income.  As no franked income was generated by the Company
in either period no restatement was required.              

3. The basic revenue return per Ordinary share is based on the net loss on
ordinary activities after taxation of £56,000 (1998 - profit of £19,000) and
on 20,000,000 (1998 - 20,000,000) Ordinary shares of 25p each, being the
number of Ordinary shares in issue throughout the period. 

4. The basic capital return per Ordinary share is based on net capital gains
of £2,640,000 (1998 - capital losses of £4,638,000) and on 20,000,000 (1998 -
20,000,000) Ordinary shares of 25p, being the number of Ordinary shares in
issue throughout the period. 

5. The financial information for the year ended 30 June 1999 has been abridged
from published accounts that have been delivered to the Registrar of Companies
and on which the report of the auditors was unqualified.

6. Copies of the Interim Report will be posted to shareholders as soon as
possible and further copies may be obtained from One Bow Churchyard,
Cheapside, London EC4M 9HH.

17 February 2000       Aberdeen Asset Management PLC - Secretaries



Review Report by KPMG Audit Plc to
Aberdeen Latin American Investment Trust PLC
Introduction
We have been instructed by the Company to review the financial information set
out above and 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.

Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Listing
Rules of the London Stock Exchange 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 they are to be
changed in the next annual accounts in which case any changes, and the reasons
for them, are to be 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. 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 is substantially less in scope than an audit performed in
accordance with 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 December 1999.

KPMG Audit Plc
Chartered Accountants
Aberdeen 
17 February 2000