Interim Results

Aberdeen Asian Smaller Co's Inv Tst
02 April 2003

ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC

ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS

for the six months ended 31 January 2003

Chairman's Statement

I am pleased to report that the Company's strategy of investing in good quality
companies with strong underlying businesses continues to produce strong relative
performance. Despite the sharp falls in global stock markets during the period,
resulting from the prospects of war in Iraq and a generally weak economic
climate, the net asset value of your Company declined by 8.1% from 141.80p to
130.34p, which was slightly ahead of the MSCI AC Asia Pacific ex-Japan Index
over the same period. In line with previous years, your Board shall consider a
dividend at the Company's year- end.


Within a troubled world, Asia has strong attractions. Its economies are showing
steady growth, with China leading the way at 7% GDP growth per annum, and its
governments are opening their doors to business and are responsibly managing
their budgets. At the individual level, the Asian consumer is healthy with a
high savings ratio. Asian businesses have reformed dramatically since their
investing spree in the 1990's. Balance sheets have little debt, businesses have
become focused and management is seeking to maximise shareholder return.


Nowhere is this more evident than in the smaller companies in which we invest.
Their balance sheets are, in aggregate, in a net cash position and corporate
activity (such as mergers and acquisitions or special dividend payments) remains
high. Your Company continues its strategy of investing in companies where proven
management exists and balance sheets are strong.


In the period under review, activity in the portfolio was low. We made
investments in Godrej in India, a maker of personal care products, Hong Kong and
Shanghai Hotel, which owns the Peninsular Hotel chain, Korea Reinsurance, the
country's leading reinsurer and Shinsegae Food Systems. Our holding in Unilever
was sold during the period. This was originally purchased when our investment
objective was to invest in companies with a market capitalisation of less than
US$250 million and was sold when it reached a market capitalisation of US$1.6
billion.


Overall, your Board remains confident about the prospects for the region.
Notwithstanding the fact that Asia's smaller companies have outperformed their
larger peers, smaller companies still stand on a cheaper valuation and on a
higher yield. We therefore believe that our investment strategy of stock
selection with undemanding valuations will continue to maximise total return to
Shareholders over the long term.


In November 2002, the Company won the Investment Week Investment Trust award for
the Emerging Markets including Asia region. In February 2003, the Company was
awarded first place by Standard & Poor's for performance over one and five years
in the Far East excluding Japan investment trust sector. This was the second
year in succession that the Company had won the Standard & Poor's five year
performance award. I would like to congratulate, on your behalf, Hugh Young and
his team on these noteworthy achievements



Nigel Cayzer

Chairman

2 April 2003




Statement of Total Return (unaudited)
                                                              Six months ended                 Six months ended
                                                              31 January 2003                  31 January 2002
                                                         Revenue    Capital      Total    Revenue    Capital      Total
                                                           £'000      £'000      £'000      £'000      £'000      £'000

(Losses)/gains on investments                                  -    (3,354)    (3,354)          -      2,376      2,376

Income                                                       871          -        871        840          -        840
Investment management fee                                  (223)          -      (223)      (227)          -      (227)
Other expenses                                             (188)          -      (188)      (134)          -      (134)
Exchange gains/(losses)                                        -        106        106          -        (1)        (1)
Net return before finance costs and
taxation                                                     460    (3,248)    (2,788)        479      2,375      2,854

Interest payable and similar charges                       (121)          -      (121)       (51)          -       (51)
Return on ordinary activities before
taxation                                                     339    (3,248)    (2,909)        428      2,375      2,803

Taxation on ordinary activities                            (159)          -      (159)      (158)          -      (158)
Transfer to/(from) reserves                                  180    (3,248)    (3,068)        270      2,375      2,645

Return per Ordinary share (pence):
Basic                                                       0.67    (12.14)    (11.47)       1.01       8.88       9.89
Fully-diluted                                               0.66    (11.88)    (11.22)          -          -          -

The revenue column this statement represents the profit and loss account of the
Company.

The Statement of Total Return is presented in accordance with the Statement of
Recommended

Practice for Financial Statements of Investment Trust Companies.

All revenue and capital items are derived from continuing operations.




Balance Sheet
                                                                                At                  At                At
                                                                   31 January 2003     31 January 2002      31 July 2002
                                                                       (unaudited)         (unaudited)         (audited)
                                                                             £'000               £'000             £'000
Fixed assets
Investments                                                                 39,788              35,599            43,537

Current assets
Debtors                                                                         63                 284               223
Cash at bank and in hand                                                       222                 863               175
                                                                               285               1,147               398
Creditors: amounts falling due within one year                             (2,450)             (2,291)           (3,085)
Net current liabilities                                                    (2,165)             (1,144)           (2,687)
Total assets less current liabilities                                       37,623              34,455            40,850

Creditors: amounts falling due after more
than one year
Bank loan                                                                  (2,749)                   -           (2,877)
                                                                            34,874              34,455            37,973
Provisions for liabilities and charges                                         (4)                (19)              (35)
Total net assets                                                            34,870              34,436            37,938

Share capital and reserves
Called-up share capital                                                      6,689               6,689             6,689
Capital redemption reserve                                                   2,062               2,062             2,062
Special reserve                                                             14,990              14,990            14,990
Other capital reserves:
Warrant reserve                                                              2,275               2,275             2,275
Capital reserve - realised                                                  11,875               7,216            10,586
Capital reserve - unrealised                                               (3,456)                 684             1,081
Revenue reserve                                                                435                 520               255
Total equity shareholders' funds                                            34,870              34,436            37,938

Net asset value per Ordinary share (pence):
Basic                                                                       130.34              128.71            141.80
Fully-diluted                                                               124.04              122.76            133.13






Cash Flow Statement (unaudited)
                                                                                 Six months ended      Six months ended
                                                                                  31 January 2003       31 January 2002
                                                                                            £'000                 £'000

Net cash inflow from operating activities                                                     435                   372
Net cash outflow from servicing of finance                                                  (131)                  (45)
Net cash inflow/(outflow) from financial investment                                           343               (1,725)
Equity dividends paid                                                                       (709)                 (535)
Net cash outflow before financing                                                            (62)               (1,933)

Net cash inflow from financing                                                                  -                 2,000
(Decrease)/increase in cash                                                                  (62)                    67

Reconciliation of operating revenue to net cash
inflow from operating activities
Net revenue before interest payable and taxation                                              460                   479
Decrease in accrued income                                                                    176                    14
(Increase)/decrease in other debtors                                                         (16)                     4
Decrease in other creditors                                                                  (78)                   (8)
Overseas withholding tax suffered                                                           (106)                 (117)
                                                                                              435                   372
Reconciliation of net cash flow to movements in net
Debt
(Decrease)/increase in cash as above                                                         (62)                    67
Cash inflow from drawdown of loans                                                              -               (2,000)
Exchange movements                                                                            105                   (1)
Movement in net funds/(debt) in the period                                                     43               (1,934)
Opening net (debt)/funds at 1 August                                                      (4,702)                   797
Closing net debt at 31 January                                                            (4,659)               (1,137)

Represented by:
Bank balances and short term deposits                                                         222                   863
Debt falling due within one year                                                          (2,132)               (2,000)
Debt falling due after more than one year                                                 (2,749)                     -
                                                                                          (4,659)               (1,137)


Notes:

1. In accordance with the stated policy no interim dividend has been declared
(2002 - nil).



2. The breakdown of income for the periods to 31 January 2003 and 31 January
2002 was as follows:
                                                31 January     31 January
                                                      2003           2002
                                                     £'000          £'000
Income from investments
Unfranked investment income                            867            836

Other income
Deposit interest                                         4              4
Total income                                           871            840

3. The basic revenue return per Ordinary share is based on net revenue on
ordinary activities after taxation of £180,000 (2002 - £270,000) and on
26,754,100 (2002 - 26,754,100) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the period.

The basic capital loss per Ordinary share is based on net capital losses of
£3,248,000 (2002 - gains of £2,375,000) and on 26,754,100 (2002 - 26,754,100)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the period.

The calculation of the fully diluted revenue and capital returns per Ordinary
share are carried out in accordance with Financial Reporting Standard No.14,
'Earnings per Share'. For the purposes of calculating the diluted revenue and
capital returns per Ordinary share, the number of Ordinary shares is the
weighted average used in the basic calculation plus the number of Ordinary
shares deemed to be issued for no consideration on exercise of all Warrants by
reference to the average price of the Ordinary shares during the period. The
calculations indicate that the exercise of Warrants would result in an increase
in the weighted average number of Ordinary shares of 592,627 to 27,346,727
Ordinary shares. The diluted return per Ordinary share for 2002 is not shown as
it was in excess of the basic earnings per share.

4. The basic net asset value per Ordinary share is based on net shareholders'
funds at the period end, and on 26,754,100 (31 January 2002 - 26,754,100; 31
July 2002 - 26,754,100) Ordinary shares, being the number of Ordinary shares is
issue at the period end.

The fully-diluted net asset value per Ordinary share have been calculated on the
assumption that the 6,999,400 (31 January 2002 - 6,999,400; 31 July 2002 -
6,999,400) Warrants in issue were exercised on the first day of the financial
period at 100p per share, giving an average number of Ordinary shares in issue
of 33,753,500 (31 January 2002 - 33,753,500; 31 July 2002 - 33,753,500).

5. The financial information for the six months ended 31 January 2003 and 31
January 2002 comprises non-statutory accounts within the meaning of Section 240
of the Companies Act 1985.The financial information for the year ended 31 July
2002 has been extracted from published accounts that have been delivered to the
Registrar of Companies and in which the report of the auditors was unqualified.
The interim accounts have been prepared on the same basis as the annual
accounts.

6. Copies of the Interim 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

2 April 2003

Independent Review Report by Ernst & Young LLP to

Aberdeen Asian Smaller Companies Investment Trust PLC

Introduction

We have been instructed by the company to review the financial information for
the six months ended 31 January 2003 which comprises the Statement of Total
Return, Balance Sheet, Cash Flow Statement and the related notes 1 to 5. 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.

This report is made solely to the company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent required by the law, we do not
accept or assume responsibility to anyone other than the company, for our work,
for this report, or for the conclusions we have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which 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 any
changes, and the reasons for them, are 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
for use in the United Kingdom. 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 excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom 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 January 2003.


Ernst & Young LLP
London
2 April 2003


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