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THE FRANCE GROWTH FUND REPORTS EARNINGS

 THE FRANCE GROWTH FUND REPORTS EARNINGS
 NEW YORK, Nov. 7 /PRNewswire/ -- The France Growth Fund, Inc.


(NYSE: FRF), a closed-end diversified management investment company seeking long-term capital appreciation through investment primarily in French equity securities, today announced its results for the quarter ended Sept. 30, 1991 and for the nine months ended Sept. 30, 1991.
 During the quarter ended Sept. 30, 1991, the fund's net investment income was $945,590, equal to 8 cents per share. Net realized and unrealized gains for the quarter were $13,544,740, equal to $1.18 per share.
 For the nine months ended Sept. 30, 1991, the fund's net investment income was $2,351,030, equal to 20 cents per share. Total net realized and unrealized gains for the period were $4,996,973, equal to 43 cents per share.
 On Sept. 30, 1991, total net assets of the fund were $124,994,992, and the net asset value per share was $10.86 based on 11,509,000 shares outstanding. The fund's net asset value per share increased for the quarter ended Sept. 30, 1991 by 13.13 percent, from $9.60 for the quarter ended June 30, 1991. For the nine months ended Sept. 30, 1991, the net asset value per share increased by 5.13 percent, from $10.33 on Dec. 31, 1990. After adjusting for the dividend of $0.103 per share which was paid on June 7, 1991 to shareholders of record on May 13, 1991, the fund's net asset value per share increased by 6.13 percent for the nine months ended Sept. 30, 1991.
 Of the fund's $125 million in net assets, 84.6 percent invested in French equities (including common stock, warrants, convertible bonds and other equity-linked securities) and 12.5 percent in French bonds. Other assets in excess of liabilities accounted for the remaining 2.9 percent.
 As of Sept. 30, 1991, the fund's 10 largest common stock investments were in :
 -- Alcatel Alsthom
 -- Elf Aquitaine
 -- Saint-Gobain
 -- BSN
 -- Pechiney
 -- LVMH
 -- Eurotunnel
 -- Compagnie Bancaire
 -- Credit Foncier de France
 -- Saint-Louis
 The France Growth Fund's investment adviser is Indosuez International Investment Services, a member of the Gartmore Indosuez Asset Management group.
 -0- 11/7/91
 /CONTACT: Frederick J. Schmidt, treasurer of France Growth Fund, 212-408-5671; Alice Weiss of Burson-Marsteller, 212-614-4413, for France Growth Fund/
 (FRF) CO: The France Growth Fund, Inc. ST: New York IN: FIN SU: ERN SM-SH -- NY072 -- 2331 11/07/91 15:14 EST
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Publication:PR Newswire
Date:Nov 7, 1991
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