Unaudited Interim Results

Aberdeen Asian Smaller Co's Inv Tst
5 April 2002


ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC
ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
for the six months ended 31 January 2002

Chairman's Statement

The performance of the Company has been extremely good since its launch in
1995. Since the Company's inception the net asset value has outperformed the
MSCI Asia Pacific Free ex-Japan index by 59.3%, and for a second year the
Company won the Standard & Poor's award for top performing UK investment trust
in the Far East ex-Japan sector.  During the six months under review, the net
asset value rose a further 8.3% compared with a 9.2% rise in the index. 

The main drivers of the stock market rally have been low interest rates and an
abundance of liquidity, as well as gathering evidence of an economic recovery.
Although naturally cautious about the strength of the recovery, we continue to
be optimistic about the performance of smaller companies in Asia simply
because the share valuations look as attractive as ever.

There remain hundreds of listed companies across the region which are
under-researched and potentially attractive. Identifying and investing in
these companies is the primary function of our highly regarded and experienced
investment managers, whose consistent and disciplined process has resulted in
continued long-term outperformance. Based on our estimates, the portfolio is
trading on a price earnings multiple of around 13 times for the 2002 financial
year. Companies which we scout for are run by good and experienced management,
have strong balance sheets, and are focused on producing returns for
shareholders. Examples of these include Cafe de Coral, a fast food chain in
Hong Kong, the Unilever subsidiary in Indonesia and BRL Hardy, the producer of
Nottage Hill and Eileen Hardy wines, in Australia.

There has also been a steady flow of corporate activity, by way of mergers and
acquisitions. For example, in Singapore, United Overseas Bank is taking over
the balance of Industrial and Commercial Bank as part of an overall plan to
streamline its operations following its takeover of Overseas Union Bank. 

In view of the recent rise in markets, and to give the Manager greater
flexibility in managing the portfolio, the Board considers it advantageous to
approve a change of fund objective to permit an increase in the initial market
cap limit on stocks for investment to US$600 million from $250 million.
Broadening the investment spectrum should better equip the Manager in
identifying investment opportunities in Asia, which is well poised to lead the
global economy in an upturn.  


Nigel Cayzer
Chairman
5 April 2002
 
Statement of Total Return (unaudited)
(incorporating the profit and loss account of the Company*)


                                            Six months ended 
                                             31 January 2002 
                              Revenue       Capital         Total
                                £'000         £'000         £'000

Gains on investments                -         2,376         2,376 

Income                            840             -           840 
Investment management fee        (227)            -          (227)
Other expenses                   (134)            -          (134) 
Exchange losses                     -            (1)           (1)
                              ________      ________      ________
Net return before
finance costs and taxation        479         2,375         2,854 

Interest payable and 
similar charges                   (51)            -           (51) 
                              ________      ________       _______
Return on ordinary
activities before taxation        428         2,375         2,803

Taxation on ordinary 
activities                       (158)            -          (158)

                              ________      ________      ________
Transfer to reserves              270         2,375         2,645 
                              ========      ========      ========

Return per Ordinary share:
Basic                            1.01          8.88          9.89 
                              ========      ========      ========


                                            Six months ended
                                             31 January 2001
                              Revenue       Capital         Total 
                                £'000         £'000         £'000 

Losses on investments               -        (3,268)        3,268)

Income                            828             -           828
Investment management fee        (214)            -          (214)
Other expenses                   (116)            -          (116)
Exchange losses                     -           (29)          (29)
                              ________      ________      ________
Net return before
finance costs and taxation        498        (3,297)       (2,799)

Interest payable 
and similar charges               (93)            -           (93)
                              ________      ________      ________
Return on ordinary
activities before taxation        405        (3,297)       (2,892)

Taxation on ordinary 
activities                       (156)            -          (156)
                              ________      ________      ________

Transfer to/(from) reserves       249        (3,297)       (3,048)
                              ========      ========      ========
Return per Ordinary share:
Basic                            0.84        (11.08)       (10.24)
                              ========      ========      ========

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

The statement of total return is presented as recommended by the Statement of
Recommended Practice for Financial Statements of Investment Trust Companies.


Balance Sheet


                               At            At             At 
                            31 Jan 2002   31 Jan 2001   31 Jul 2001
                           (unaudited)   (unaudited)     (audited)
                              £'000         £'000         £'000

Fixed assets
Investments                  35,599        37,407        33,994
                            ________      ________      ________
Current asset
Debtors                         284           434           258
Cash at bank                    863           674           797
                            ________      ________      ________
                              1,147         1,108         1,055

Creditors: amounts 
falling due within 
one year                     (2,291)       (3,028)       (3,232)
                            ________      ________      ________
Net current liabilities      (1,144)       (1,920)       (2,177)
                            ________      ________      ________
Total assets less
current liabilities          34,455        35,487        31,817
Provisions for 
liabilities and charges         (19)          (15)          (26)
                            ________      ________      ________
Total net assets             34,436        35,472        31,791
                            ========      ========      ========

Share capital and reserves
Called-up share capital       6,689         7,439         6,689
Capital Redemption Reserve    2,062         1,312         2,062
Special Reserve              14,990        17,746        14,990
Other reserves:
Warrant reserve               2,275         2,275         2,275
Capital reserve - realised    7,216         5,171         6,556
Capital reserve - unrealised    684         1,040        (1,031)
Revenue reserve                 520           489           250
                            ________      ________      ________

Total equity 
shareholders' funds          34,436        35,472        31,791
                            ========      ========      ========

Net asset value per 
Ordinary share (pence):
Basic                        128.71        119.22        118.83
                            ========      ========      ========
Fully diluted                122.76        115.56        114.92
                            ========      ========      ========
 
Cash Flow Statement (unaudited)

                           Six months ended      Six months ended
                            31 January 2002       31 January 2001
                                £'000                 £'000

Net cash inflow from 
operating activities              372                   413
Net cash outflow from 
servicing of finance              (45)                  (89)
Net cash outflow from 
financial investment           (1,725)               (2,268)
Equity dividends paid            (535)                 (363)
                              ________              ________
Net cash outflow 
before financing               (1,933)               (2,307)
Net cash inflow 
from financing                  2,000                 2,000
                              ________              ________

Increase/(decrease) in cash        67                  (307)
                              ========              ========
                                                                    
Reconciliation of operating                                        
revenue to net cash inflow                                      
from operating activities                                      
                                                                 
Net revenue before interest                                       
payable and taxation              479                   498
Decrease in accrued income         14                    12
Decrease in debtors                 4                     2
Decrease/(increase) 
in creditors                       (8)                   14
UK income tax 
deducted at source                  -                    (3)
Overseas withholding 
tax suffered                     (117)                 (110)
                              ________              ________
                                  372                   413
                              ========              ========

Reconciliation of net cash 
flow to movement in net 
(debt)/funds

Increase/(decrease) in cash       67                  (307)
Cash inflow from 
increase in loans             (2,000)               (2,000)
                             ________              ________
Change in net debt 
resulting from cash flows     (1,933)               (2,307)
Exchange movements                (1)                  (29)
                             ________              ________
Movement in net 
debt in the period            (1,934)               (2,336)
Net funds at 1 August            797                   260
                             ________              ________
Net debt at 31 January        (1,137)               (2,076)
                             ========              ========
Represented by:
Bank balances and 
short term deposits              863                   674
Debt falling due 
within one year               (2,000)               (2,750)
                             ________              ________
                              (1,137)               (2,076)
                             ========              ========
 


Notes to the Accounts
For the six months ended 31 January 2002

1. In accordance with the stated policy no interim dividend has 
been declared (2001 - nil).

2.  The breakdown of income for the periods to 31 January 2002 
and 2001 was as follows:
                                                  
                                     31 January     31 January
                                         2002           2001
Income from investments                 £'000          £'000

Unfranked investment income               836            820

Other Income
Deposit interest                            4              8
                                      ________       ________
Total income                              840            828
                                      ========       ========

3.  The basic revenue return per Ordinary share is based on a net 
revenue on ordinary activities after taxation of £270,000 
(2001 - £249,000) and on 26,754,100 (2001 - 29,754,100) Ordinary 
shares, being the number of Ordinary shares in issue throughout 
the period.

The basic capital gain per Ordinary share is based on net capital 
gains of £2,375,000 (2001 - losses of £3,297,000) and on 
26,754,100 (2001 - 29,754,100) Ordinary shares, being the number 
of Ordinary shares in issue throughout the period.

Subsequent to 31 January 2002, the net asset value rose above 100p. 
This would give a fully-diluted revenue return per Ordinary share 
of 0.80p and a fully-diluted capital return per Ordinary share of 
7.04p.This has been calculated on the assumption that the 
6,999,400 Warrants in issue were exercised on the first day of 
the financial year at 100p per share, giving a weighted average 
number of Ordinary shares in issue of 33,753,500.

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 2001 - 29,754,100; 31 July 2001 - 26,754,100) 
Ordinary shares, being the number of Ordinary shares in issue 
the period end.

The fully-diluted net asset value per Ordinary share has been 
calculated on the assumption that the 6,999,400 Warrants in 
issue (31 January 2001 - 6,999,400; 31 July 2001 - 6,999,400) 
were exercised on the first day of the financial year at 100p 
per share giving a total of 33,753,500 (31 January 2001 - 
36,753,500; 31 July 2001 - 33,753,500) Ordinary shares.

5.  The financial information for the six months ended 31 January 
2002 and 31 January 2001 comprises non-statutory accounts 
within the meaning of Section 240 of the Companies Act 1985.
The financial information for the year ended 31 July 2001 has 
been abridged 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.

Aberdeen Asset Management PLC
Secretaries
5 April 2002


Independent Review Report by Ernst & Young 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 
2002 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.

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 2002.

Ernst & Young LLP
Reporting Accountants
London
5 April 2002 




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