08:54     THAI-ASIA F LTD<00540> - Results Announcement (1)                   

    Thai-Asia Fund Limited announced on 22/04/2005:                           
    (stock code: 00540 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: USD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ($         )       ($         )      
    Turnover                        1  : 9,132,530          10,540,375        
    Profit/(Loss) from Operations   2  : (1,896,462)        11,257,268        
    Finance cost                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI    3  : (1,924,697)        11,202,562        
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)    4  : (0.04)             0.22              
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (1,924,697)        11,202,562        
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    a.      TURNOVER                                                          
    Turnover is analysed as follows:                                          
                                            2004            2003              
                                            US$             US$               
                                                                              
    Proceeds from sale of investments       8,538,424       10,053,282        
    Dividend income                         582,735         481,855           
    Interest income                         11,371          5,238             
                                            -----------     -----------       
                                            9,132,530       10,540,375        
                                            ===========     ===========       
    b.                                                                        
                                            2004            2003              
                                            US$             US$               
    Turnover                                9,132,530       10,540,375        
    Cost of investments sold                (5,277,588)     (8,399,286)       
                                            ------------    ------------      
                                            3,854,942       2,141,089         
    Unrealised (depreciation)/appreciation                                    
     from revaluation of investments in                                       
      securities                            (5,373,043)     9,447,715         
                                            ------------    ------------      
                                            (1,518,101)     11,588,804        
    Operating Expenses                      (378,361)       (331,536)         
                                            ------------    ------------      
    (LOSS)/PROFIT BEFORE TAXATION           (1,896,462)     11,257,268        
                                            ============    ============