Interim Results

SINGAPORE PARA RUBBER ESTATES PLC
27 August 1999



Interim unaudited statement for the half year ended 30 June 1999

                                6 months       6 months           Year
                                   ended          ended          ended
                                 30 June        30 June    31 December
                                    1999           1998           1998
                                       £              £              £

Turnover                         362,159        383,757        755,070
Cost of sales                   (209,905)      (175,834)      (365,355)
                                 -------        -------        -------
Estate profit                    152,254        207,923        389,715
Income from fixed-asset
investments and other income      61,238         39,309        325,174
Administrative expenses          (58,770)       (61,477)      (118,061)
                                 -------        -------        -------
Operating profit                 154,722        185,755        596,828
Interest receivable               21,430         26,401         54,930
                                 -------        -------        -------
Profit on ordinary
activities before taxation       176,152        212,156        651,758
Tax on profit on
ordinary activities              (35,000)       (60,000)      (152,000)
                                 -------        -------        -------
Profit on ordinary
activities after taxation        141,152        152,156        499,758
Equity dividend proposed               -              -       (375,817)
                                 -------        -------        -------
Profit retained                 £141,152       £152,156       £123,941
                                 -------        -------        -------

Earnings per 5p share - pence       1.35           1.46           4.79
                                 -------        -------        -------

Exchange rate £1 =
Malaysian Ringgits
Average rate                        6.12           6.46           6.50
Period-end rate                     5.96           6.90           6.30
                                 -------        -------        -------

All operations are classed as continuing


Chairman's statement

The profit before tax, at £176,152, compares with £212,156 for the first
half of 1998. Crops and sales details are set out in the table below:-

                                6 months       6 months           Year
                                   ended          ended          ended
                                 30 June        30 June    31 December
                                    1999           1998           1998

Crop - tonnes
Oil palm fresh fruit
bunches ('f.f.b.')                 7,018          5,260         10,531
Rubber                                43             80            162
Average selling prices
Oil palm f.f.b. - RM per tonne       294            428            422
Malaysian spot palm oil - RM
per tonne                          1,709          2,320          2,370
Rubber - RM per kg                  2.15           2.69           2.53

Although the f.f.b. crop was pleasingly higher, the average price was
markedly down on last year's historically-high levels. This price
decline was attributable to an increased supply of palm oil on the
world market as the effects of the dry weather on oil palm f.f.b.
yields, experienced in 1997 and 1998, wore off. The reduced rubber
crop resulted from the continuing programme of felling the older
rubber areas and replacing them with oil palm. Rubber prices continued
to trade at low levels.

Since the period end, palm oil prices have fallen further as a result
of both increased production levels and the Indonesian Government's
recent decision to reduce the export tax from 30% to 10%, thereby
encouraging more palm oil to be exported onto the world market.
However, recently prices have picked up from their lower levels.
Sixty eight hectares of the older rubber areas are in the course of
being replanted with oil palms, some of which are on very hilly
terrain. This now leaves only forty five hectares of 1982-planted
rubber on Perhentian Tinggi Estate. The current estimate for the 1999
f.f.b. crop is 13,200 tonnes, compared with 10,531 tonnes achieved in
1998.


Statutory information

The financial information for the six-month periods ended 30 June 1998
and 1999 is neither audited nor reviewed and does not constitute
accounts within the meaning of section 240 of the Companies Act 1985.
The financial information for the year ended 31 December 1998 is
abridged from the statutory accounts which have been reported on by
the Company's auditors, Macnair Mason, and which have been filed with
the Registrar of Companies. The report of the auditors thereon was
unqualified and did not contain a statement under section 237(2) or
(3) of the Companies Act 1985.


Accounting policies

These interim accounts have been prepared on the basis of the
accounting policies as set out in the annual financial statements
at 31 December 1998.


Millennium compliance

The Company is currently reviewing its date-sensitive equipment and
computer systems in order to be Millennium compliant. This exercise
is not expected to involve the Company in any significant cost.


Interim report

The Company is circulating its interim report to shareholders today
and copies may be obtained from M.P.Evans (UK) Limited, 3 Clanricarde
Gardens, Tunbridge Wells, Kent TN1 1HQ.


M.P.Evans (UK) Limited
Secretaries
27 August 1999


Enquiries:  Mr P E Hadsley-Chaplin
            Telephone: [phone]
            Fax:       [phone]