Interim Results

Deutsche Latin American Cos Tst PLC
18 October 2001



                       DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC

                           PRELIMINARY ANNOUNCEMENT OF RESULTS

                          FOR THE HALF YEAR ENDED 31 AUGUST 2001

            Extract from the Chairman's Statement

            The six months since our February year end saw weakness in many
            Latin American markets. The regional index, MSCI Latin America
            Free, fell by 10.0% in sterling terms over the period led
            downwards by Brazil and Argentina, which declined by 29.0% and
            26.5% respectively. These markets suffered from a deterioration in
            economic prospects and rising risk perception among investors.
            However Mexico rose 7.9% in sterling terms, driven upwards by
            continuing strong flows of foreign investment. In fact, despite
            the absolute decline of the regional index over the period, Latin
            America outperformed both its global emerging markets peer group,
            which fell by 15.1%, and the developed markets of MSCI World,
            which declined by 11.2%.

            Our net asset value per share fell by 12.2% over the six months in
            question, underperforming the index due to our relative overweight
            in the Brazilian market, which more than offset the positive
            impact of our zero weight in Argentina and small overweight in
            Mexico. Another factor in our underperformance has been our geared
            position in a weak market, although we have reduced our effective
            gearing over the period. Our share price fell by 18.2% over the
            period, as the discount widened slightly to 18.0%, reflecting a
            trend seen in emerging markets trusts. Our earnings per share rose
            by 113% compared with the same period last year as a result of
            increased dividends from our investments, in particular a special
            dividend from CSN in Brazil, and a reduction in the number of our
            shares in issue.

            The terrorist attacks on the United States in the second week of
            September have significantly increased uncertainty, with the
            result that economic activity is likely to weaken further in the
            US and the rest of the world. As a result, we feel it is
            appropriate to take a more cautious stance on the prospects for
            stability and growth in Latin America and hence for the equity
            markets than was the case prior to these events. We had already
            taken steps to increase cash levels within the portfolio and to
            move towards a more defensive profile for our holdings.
            Nevertheless, we are relatively confident about the prospects for
            Mexico and believe it should lead the rest of the region into
            recovery in 2002.



                                                               Richard Watkins

                                                                      Chairman

            The financial information for the year ended 28 February 2001 is
            derived from the statutory accounts for 2001 which have been
            delivered to the Registrar of Companies. The Auditors have
            reported on the 2001 accounts; their report was unqualified and
            did not contain a statement under section 237(2) or (3) of the
            Companies Act 1985.

            The half-yearly report will be sent to shareholders and will also
            be made available to the public at the Company's registered
            office.



            By order of the Board                          Registered Office:
            M Pope                                         One Appold Street
            Joint Secretary                                London EC2A 2UU

                                                           18 October 2001

            For further information please contact:
            Rosie Bichard at Deutsche Asset Management
            Tel: [phone]
            mins/latame/prel8a.doc

 
 

                                                                              
  DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC                                   
  SIX MONTHS ENDED 31 AUGUST 2001                                               
                 
  Prelimary announcement                                                      
                               31st August      28th February      31st August
                                     2001               2001             2000 
  Net Asset Value per                                                         
  Ordinary Share                                                              
  Basic                             78.4p              89.3p           104.7p 
  Fully Diluted                     83.0p              91.5p           103.8p 

  Statement of Total Return (incorporating                                      
  the revenue account*)                                                       

                                                                              
                  Six months to          Year to                Six months to   
                 31st August 2001     28th February 2001       31st August 2000 
              Revenue Capital Total  Revenue Capital Total Revenue Capital Total
               £'000   £'000  £'000   £'000  £'000   £'000   £'000  £'000  £'000
                                                                        
(Losses)/gains     - (5,891) (5,891)     -  (7,674) (7,674)      -  1,030  1,030
on investments                                                                 
                                                                              
Income         1,171      -    1,171  1,478      -    1,478     721     -    721
                                                                              
Investment     (199)      -    (199)  (509)      -    (509)   (348)     -  (348)
management                                                                
fee                                                                         

Other          (119)      -    (119)  (324)      -    (324)   (165)     -  (165)
expenses                                                                  

Net return       853 (5,891) (5,038)    645 (7,674) (7,029)     208 1,030  1,238
before                                       
finance                                                                     
costs and                                                                   
taxation                                                                    

Interest       (423)    -     (423)   (298)      -    (298)    (13)     -   (13)
payable                                                                    

Return on        430(5,891) (5,461)     347 (7,674) (7,327)     195 1,030  1,225
ordinary                 
activities                                                                  
before tax                                                                  

Tax on         (196)      -   (196)   (129)      -    (129)    (69)     -   (69)
ordinary                                                                   
activities                                                                  

Return on        234 (5,891) (5,657)    218 (7,674) (7,456)    126  1,030  1,156
ordinary                                                                    
activities                                                                  
after tax                                                                   
for the                                                                     
period          
attributable           
to equity                                                                      
shareholders                                                                 
                                                                         
Dividend         -       -       -    (97)       -     (97)      -      -      -
in respect                                                                  
of equity                                                                   
shares                                                                      

Transfer       234  (5,891) (5,657)    121  (7,674) (7,553)    126  1,030  1,156
to reserves                                                                    
 
Return per                                                                  
ordinary                                                                    
share:                                                                      

Basic and   0.49p (12.26)p (11.77)p 0.41p  14.46)p (14.05)p 0.23p  1.85p  2.08p
Diluted     


*The revenue column of this statement is the profit and loss account of the     
company.                                                                    

All revenue and capital items in the above statement derive from continuing     
operations.                                                                 
                                                                              
No operations were acquired or discontinued in the period.                      
                                              
The statement of total return is unaudited.                                     
                            
The comparative figures in respect of the year to 28th February 2001 are derived
from the full accounts which have been delivered to the Registrar of Companies  
and which contain an unqualified audit report.