United States Securities and Exchange Commission
                             Washington, D.C. 20549
                                    Form 10-Q

[X]     Quarterly  Report  Pursuant  to  Section  13  or 15(d) of the Securities
        Exchange  Act  of  1934  For  the  Quarterly Period Ended June 30, 1999.
Or

[ ]     Transition  Report  Pursuant  to  Section  13 or 15(d) of the Securities
        Exchange  Act  of  1934

                        Commission File Number 000-23851

                          CENTENARY INTERNATIONAL CORP
                         (formerly, R&R Resources, Inc.)
             (Exact name of registrant as specified in its charter)

                       Nevada                        86-0874841
           (State or other jurisdiction of         (I.R.S. Employer
            incorporation or organization)        Identification No.)

            692 Madison Avenue, Third Floor, New York, NY      10021
          (Address of principal executive offices)           (Zip Code)

      Registrant's telephone number, including area code:   (212) 644-2113

     Indicate  by  check  mark  whether the Registrant (1) has filed all reports
required  to  be  filed by Section 13 of 15(d) of the Securities Exchange Act of
1934  during  the  preceding  12  months  (or  for  such shorter period that the
Registrant  was required to file such reports), and (2) has been subject to such
filing  requirements  for  the  past  90  days.          Yes  [X]     No  [ ]

                      Applicable Only to Corporate Issuers

     As  of  July  30,  1999,  there  were  outstanding 19,113,500 shares of the
registrant's  $.001  par  value  Common  Stock.

<PAGE>
                                Table of Contents

PART  I

FINANCIAL  INFORMATION

Item  1.     Financial  Statements

     Consolidated  Balance  Sheets  as  of  June  30,  1999  (unaudited)
     and  December  31,  1998  (audited)

     Consolidated  Statements  of  Operations  for  the  three
     months  and  six  months  ended  June  30,  1999  and  1998  (unaudited)

     Consolidated  Statements  of  Cash  Flows  for the  three
     months and the  six  months  ended  June  30,  1999  and  1998  (unaudited)

     Selected  Notes  to  Consolidated  Financial  Statements

Item  2.     Management's  Discussion  and  Analysis

Item  3.     Quantitative  and  Qualitative  Disclosures  About  Market  Risk

PART  II

OTHER  INFORMATION

Item  2.     Changes  in  Securities

Item  6.     Exhibits  and  Reports  on  Form  8-K

SIGNATURES

                                        2
<PAGE>
                                     PART I

                              FINANCIAL INFORMATION


ITEM  1.     FINANCIAL  STATEMENTS

     The  information  required  hereunder  is  included  in  the  Company's
Consolidated  Financial  Statements and the Notes thereto as set forth beginning
on  page  F-1.


ITEM  2.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS

     The  following  Management  Discussion, Analysis of Financial Condition and
Results  of  Operations  are  qualified  by  reference to, and should be read in
conjunction  with  the  Company's Consolidated Financial Statements (unaudited )
and  the  Notes  thereto  as forth set beginning on page F-1, and in the audited
consolidated  Financial Statements, Management Discussion, Analysis of Financial
Condition  and  Results  of Operations contained in the Company's 10-KSB for the
year  ended  December  31,  1998.

INFORMATION  REGARDING  AND  FACTORS  AFFECTING  FORWARD  LOOKING  STATEMENTS

     The  Company is including the following cautionary statement in this Report
on Form 10-Q; to make applicable and take advantage of the safe harbor provision
of the Private Securities Litigation Reform Act of 1995, for any forward looking
statements  made  by,  or  on  behalf  of  the  Company.

     Forward looking statements include statements concerning plans, objectives,
goals,  strategies,  future events or performance and underlying assumptions and
other  statements  that  are other than statements of historical facts.  Certain
statements contained in this Report on Form 10-Q are forward looking statements,
and  the  matters  discussed  in these forward looking statements are subject to
risks  and uncertainties, which could cause actual results or outcomes to differ
materially  from  those  expressed  in  the  forward  looking  statements.

     The  Company's  forward looking statements are expressed in good faith, and
are  believed  by  the  Company  to have a reasonable basis, based on management
examination  of  historical  operating  trends,  data contained in the Company's
records  and  other  data available from third parties.  But no assurance can be
made that any matter discussed in a forward looking statement will ultimately be
achieved,  or if achieved, will have the same impact on the Company as discussed
in  the  forward  looking  statement.

     In  addition  to those factors already mentioned, other factors which could
effect  forward  looking  statements  are  the  ability of the Company to obtain
financing  on  favorable  terms,  the success of the Company's olive oil, animal
feed,  cattle feeding and meat processing operations, demand and supply factors,
competitive  factors,  weather  conditions,  crop  yield  and  failures,  crop
oversupply, geopolitical changes, import restrictions in countries of customers,
the  effect  of  inflation  and  government  regulations.  The  Company  has  no
obligation  to  update or revise any forward looking statement to reflect future
events.

                                        3
<PAGE>
RESULTS  OF  OPERATIONS

General.  The following sets forth, for the periods presented, the percentage of
net  sales represented by certain items in the Company's Consolidated Statements
of  Operations:

<TABLE>
<CAPTION>
                               THREE MONTHS ENDED
                                    JUNE 30,
                                  1999    1998
<S>                              <C>     <C>
Net Sales . . . . . . . . . . .  100.0%  100.0%
Cost of goods sold. . . . . . .   77.0    71.0
                                 ------  ------
Gross profit. . . . . . . . . .   23.0    29.0
Selling expenses. . . . . . . .   19.1    11.5
Administrative expenses . . . .    2.5     1.9
                                 ------  ------
Operating income. . . . . . . .    1.3     5.5
Other Income (Expense), Net . .    2.8     (.6)
Interest expense. . . . . . . .    1.8     1.2
                                 ------  ------
Income before income taxes and
minority interests. . . . . . .    2.3     3.7
Income taxes. . . . . . . . . .    1.2     1.0
Minority interest in subsidiary    ---     ---
                                 ------  ------
Net income. . . . . . . . . . .    1.1     2.7
                                 ------  ------
</TABLE>

<TABLE>
<CAPTION>
                                SIX MONTHS ENDED
                                    JUNE 30,
                                  1999    1998
<S>                              <C>     <C>
Net Sales . . . . . . . . . . .  100.0%  100.0%
Cost of goods sold. . . . . . .   78.0    81.0
                                 ------  ------
Gross profit. . . . . . . . . .   22.0    19.0
Selling expenses. . . . . . . .   17.3    13.2
Administrative expenses . . . .    3.0     2.6
                                 ------  ------
Operating income. . . . . . . .    1.7     3.2
Other Income (Expense), Net . .    1.6     (.4)
Interest expense. . . . . . . .    1.8     1.2
                                 ------  ------
Income before income taxes and
minority interests. . . . . . .    1.5     1.6
Income taxes. . . . . . . . . .    0.8     0.7
Minority interest in subsidiary    0.0     0.0
                                 ------  ------
Net income. . . . . . . . . . .     .7      .9
                                 ------  ------
</TABLE>

                                        4
<PAGE>
The following table sets forth-sales revenues by region for the six months ended
June  30,  1999  and  1998:

                                        5
<PAGE>
<TABLE>
<CAPTION>
                                 SIX MONTHS ENDED JUNE 30,
                                     1999         1998
                                  (STATED IN US DOLLARS)
<S>                              <C>           <C>
Geographical Information
-------------------------------

Middle East . . . . . . . . . .  $ 17,464,735  $ 9,758,331
South American Pacific. . . . .  $ 16,394,726  $38,551,861
Mercosur. . . . . . . . . . . .  $    641,883  $ 1,826,758
Caribbean . . . . . . . . . . .  $  9,069,069  $13,273,928
Africa. . . . . . . . . . . . .  $     90,600  $ 1,861,261
Russia & ex - Soviet Countries.  $    275,118  $10,587,176
Mediterranean . . . . . . . . .  $     26,000  $         -
China and Far East. . . . . . .  $          -  $    68,250
Europe. . . . . . . . . . . . .  $          -  $     6,487
                                 ------------  -----------
                                 $ 43,962,131  $75,934,052
</TABLE>

The  Three  Months  Ended  June  30,  1999
Compared  to  the  Three  Months  Ended  June  30,  1998:

     Revenues:  -  Net  revenues  decreased 55.3 % from $56 million in the three
months  ended  June  30, 1998 to $ 25 million in the three months ended June 30,
1999.  During  the three months ended June 30, 1999, the Company shipped 173,484
metric  tons  of  food  commodities compared to 285,481 metric tons in the three
months  ended  June  30,  1998.  The  55.3%  decrease  in sales was attributable
primarily to the lack of working capital, which limited the Company  to trading
on letters of credit rather than on cash against documents or clean credit.

     Cost  of sales: - The cost of sales decreased from $45 million in the three
months  ended  June  30,  1998 to $19 million in the three months ended June 30,
1999  due  to  the  decrease  in  sales.  The  cost  of sales as a percentage of
revenues  remained relatively stable in 1999 in comparison to 1998.  The cost of
sales  was  77%  for  the three months ended June 30, 1999 and 81% for the three
months  ended  June  30,  1998.

     Selling  expenses:  -  Selling  expenses decreased from $6.4 million in the
three months ended June 30, 1998 to  $4.8 million in the three months ended June
30,  1999.  As  a percentage of revenues, selling expenses increased from 12% in
the  three  months ended June 30, 1998 to 19% in the three months ended June 30,
1999.  Selling  expenses include freight charges, importation fees, bank charges
and sales commissions.  Selling expenses in the three months ended June 30, 1999
increased  primarily  because  of an increase of the sales with importation fees
included.  Freight  rates increased in the second quarter, compared to the first
quarter,  but  this  impact  was  reduced  by  the  acquisition of Platafreight.
Freight  charges  declined  due  to  a  global  decrease  in  freight  charges.

     Administrative  expenses:  -  Administrative expenses decreased $403,745 in
the three months ended June 30, 1999 compared to the three months ended June 30,
1998.  As  a per cent of sales, administrative expenses increased from 2% in the
three  months  ended  June  30, 1998 to 2.5% in three months ended June 30, 1999
primarily  because  of a decrease in the amortization of the trademark which was
sold  during  1998  and  other  nonrecurring  expenses.

                                        6
<PAGE>
     Interest  expense:  -  Interest  expense  decreased  $ 225,301 in the three
months  ended  June  30,  1999 compared to the three months ended June 30, 1998.
The decrease in interest expense was attributable to the $31 million decrease in
the  net  revenues and therefore the decrease of additional interest incurred in
discounts  on  extensions of letters of credit to banks in connection with sales
to  customers.

     Other  Income.  Other income in 1999 was attributable primarily to the sale
of  the  breeding  livestock  and  services  performed  by  Platafreight.

     Income  taxes:  - Income taxes decreased in the three months ended June 30,
1999  compared  to  the  same period in 1998 due primarily to a decrease in 1999
income.

The  Six  Months  Ended  June  30,  1999
Compared  to  the  Six  Months  Ended  June  30,  1998:

     Revenues:  -  Net revenues decreased 42% from $75 million in the six months
ended  June  30,  1998  to  $44  million  in the six months ended June 30, 1999.
During  the  six  months ended June 30, 1999, the Company shipped 298,870 metric
tons of food commodities compared to 356.197 metric tons in the six months ended
June  30,  1998.  The  42%  decrease  in sales was attributable primarily to the
impact  of lower commodity prices, and lack of working capital.

     Cost  of  sales:  - The cost of sales decreased from $61 million in the six
months ended June 30, 1998 to $ 34 million in the six months ended June 30, 1999
due  to  the  decrease  in sales.  The cost of sales as a percentage of revenues
remained relatively stable in 1999 in comparison to 1998.  The cost of sales was
78% for the six months ended June 30, 1999 and 81% for the six months ended June
30,  1998.

     Selling  expenses: - Selling expenses decreased from $10 million in the six
months  ended  June  30,  1998  to $7.5 million in the six months ended June 30,
1999.  As  a percent of revenues, selling expenses increased from 13% in the six
months ended June 30, 1998 to 17% in the six months ended June 30, 1999. Selling
expenses  include  freight  charges,  importation  fees,  bank charges and sales
commissions.  Selling  expenses  in the six months ended June 30, 1999 decreased
primarily  because  of a decrease of sales of cargos.   Freight charges declined
due  to  a  global  decrease.

     Administrative  expenses:  -  Administrative expenses decreased $631,000 in
the  six  months  ended  June 30, 1999 compared to the six months ended June 30,
1998.  As  a percentage of sales, administrative expenses increased from 2.6% in
the  six  months ended June 30, 1998 to 3.0 % in six months ended June 30, 1999.

                                        7
<PAGE>
     Interest  expense: - Interest expense decreased $ 133,119 in the six months
ended  June  30,  1999  compared  to  the  six  months ended June 30, 1998.  The
decrease  in  interest  expense  was  attributable  to  the  decrease in the net
revenues,  and  therefore,  the  decrease  of  additional  interest  incurred in
discounts  on extensions of letters of credit to banks in connection with sales.

     Other  Income.  Other income in 1999 was attributable primarily to the sale
of  the  breeding  livestock  and  services  performed  by  Platafreight.

     Income taxes:- Income taxes decreased in the six months ended June 30, 1999
compared  to  the  same  period  in  1998 due primarily decrease in 1999 income.

Liquidity  and  Capital  Resources

     Operating  activities  consumed  $ 685,000 in the six months ended June 30,
1999 in comparison to $5,700 million in the six months ended June 30, 1998.  The
decrease  in  cash  used  in  the  six  months ended June 30, 1999 was primarily
attributable to an increase in the current portion of a related party receivable
of  $ 2 million, an increase in other receivable of $3,123,000 and a decrease in
accounts payable of $ 7,400,000 offset by a $ 3.7 million increase in receivable
accounts.

     Investing activities utilized $3.3 million in the six months ended June 30,
1999  and  provided  $368,000 in the six months ended June 30, 1998.  During the
six  months  ended  June  30,  1999,  the  Company  used  $2  million for a note
receivable  from  a  related  party.  The  Company  expended  $1 million for the
purchase  of  Platafreight  SA,  a  sea  freight  company.

     Financing  activities  provided $3,700,000 in the six months ended June 30,
1999  and  utilized  $4.2 million in the six months ended June 30, 1998.  In the
six  months ended June 30, 1999, cash was provided by an additional $3.7 million
on  short-term debt and $705,000 on long-term debt.  During the six months ended
June  30,  1999,  the  Company  used  $740,000  for repayment of long-term debt.
During  the  six  months ended June 30, 1998, the Company repaid $3.7 million of
shortterm  debt.

     During  the  six  months  ended June 30, 1999 the Company re-negotiated its
bank  loan  of  $3,294,000  for  the  pre-financing of exports.  The first eight
monthly  payments  of $ 68,182 formerly due beginning February 1999, are now due
in  three  monthly  installments  of  $181,818  each,  beginning September 1999.

     The  Company  contemplates  raising  capital  through  a  private or public
placement  of  equity  or  debt.  If such an offering is successful, the Company
anticipates  that  the  primary uses of this capital would be to expand the food
commodities  trading  business  first,  and  then to develop the olive grove and
olive  oil  production facility.  The Company's growth, expansion, and liquidity
and  capital  resources  will  be significantly affected by its ability to raise
additional  capital.  During  the  six  months  ended June 30, 1999, the Company
raised  $  150,000  through  private  placement  of  its  securities.

     The  Company  does  not  currently  have  material  commitments for capital
expenditures  and  does not anticipate entering into any such commitments during
the  next  twelve  months  unless  it  is  able  to  raise  additional  capital.

                                        8
<PAGE>
     Until  the  Company  achieves  its  goal  of  increasing  its  capital, and
improving  its  profitability, international trading activities will be  limited
to the high return niches only.  With the same aim we will enhance the  original
food  products  and export activities that, in spite of being highly profitable,
require  less  working  capital  than  international  trading.

     On  July  9,  1999  Centenary International Corp. acquired Panamanian Shell
Corporation  which  holds  a purchase option  for  two 27,000MT DWT bulk carrier
vessels,  presently  under  construction, at a price  of  $13,000,000 each.  The
first  one  will  be  ready for launching on February, 2000; and the second  one
will  be completed  by June 2001.  This option can be exercised by depositing 5%
of  the  total  value  of the vessels on December 15, 1999.  The historic  value
for  vessels of  this  kind in the  international market,  is  between $15.0 and
$22.0 million each.

Inflation:

     The  Company operates in certain countries that have experienced high rates
of  inflation  and  hyper-inflation  in  the  past.  However,  the  Company's
transactions  are  denominated  in U.S. Dollars.  Therefore, local inflation has
not  had  a  material  impact  on the Company's results of operations during the
periods  presented  herein.  Further,  the  Company does not expect inflation to
have a material impact on the Company in the future.  However, the future impact
of  inflation  on  the  Company  is  unknown.

Impact  of  Year  2000

     The  Year 2000 issue is the result of computer programs being written using
two digits rather than four to define the applicable year.  Any of the Company's
computer  programs  that have time sensitive software may recognize a date using
"00"  as the year 1900 rather than the year 2000.  This could result in a system
failure  or  miscalculation  causing  disruption  of  business  activities.

     Based  on  ongoing  assessments,  the  Company believes that no significant
modifications  of  existing  computer  software  will  be required.  The Company
believes  that its computer systems will function properly with respect to dates
in  the  year 2000 and thereafter.  The Company also believes that costs related
to  the Year 2000 issue have not and will not be significant and will not exceed
$10,000.

                                        9
<PAGE>
     The  Company  has assessed its relationships with significant suppliers and
major  customers  to  determine the extent to which the Company is vulnerable to
any  third party's failure to remedy their own Year 2000 issues.  Based on these
assessments,  management  believes that significant exposure does not exist with
respect  to  third  parties.  Management  is  developing  a  contingency plan to
address  potential  Year  2000  problems  that  could arise.  This plan includes
identification  of  alternatives to mitigate the possibility of interruptions in
business  operations.

ITEM  3.  QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK

     The  Company  is  subject  to  market  risk  exposure related to changes in
interest  rates  on  its debt facilities.  These instruments carry interest at a
preagreed upon percentage point spread from the Libor interest rate.  These debt
facilities are in U.S. dollars.  At June 30, 1999, the Company had $ 7.7 million
outstanding  under these facilities.  Based on this balance, an immediate change
of  one percent in the interest rate would cause a change in interest expense of
approximately  $  77,000  on  an  annual  basis.

     The  Company is subject to market risk related to fluctuations in the value
of  the  U.S.  dollar  compared  to certain foreign currencies.  The Company has
subsidiaries, which operate worldwide.  However, the functional currency used by
these  operating  units  is  the  U.S.  dollar.  Substantial  portions  of these
operating units' invoicing, customer receivable, and many operating cost factors
are  denominated  in  dollars.

     A  hypothetical  10% fluctuation of the U.S. dollar relative to the foreign
currencies  of  the  markets  in which the Company operates would not materially
adversely  affect  the Company's expected 1999 earnings or cash flows regardless
of  the  direction  of the change in relation to the U.S. dollar.  The Company's
sensitivity  analysis  of  the  effects  of changes in foreign currency exchange
rates  does  not  factor  in  a  potential  change  in  sales  levels.

                                       10
<PAGE>
                                     PART II

                                OTHER INFORMATION

ITEM  2.     CHANGES  IN  SECURITIES

     On  June  28,  1999, the Company sold and issued 150,000 shares of common
stock to the  Nicholas  L. Schenk Trust  at a cash purchase of $1.00  per  share
for total  proceeds  of  $150,000.  This  transaction  was  effectuated  by  the
Company in reliance  upon  exemptions from registration under the Securities Act
of 1933 as amended  (the  "Act")  as  provided  in  Section  4(2) thereof.  Each
certificate issued  for  unregistered  securities  contained  a  legend  stating
that  the securities  have  not  been  registered  under  the  Act  and  setting
forth  the restrictions  on  the  transferability  and  the  sale  of  the
securities.  No  underwriter  participated  in, nor  did  the  Company  pay  any
commissions or fees to any  underwriter  in  connection  with  any  of these
transactions.  None  of  the transactions  involved  a  public  offering.  The
Company  believes  that  this purchaser  had  knowledge and experience in
financial and business matters which allowed  it  to evaluate the merits and
risk  of  the  purchase  of  these securities  of  the  Company.  The  Company
believes  that this purchaser was knowledgeable about  the  Company's
operations  and  financial  condition.

ITEM  6.     EXHIBITS  AND  REPORTS  ON  FORM  8-K

(a)     Exhibits

     27.1     Financial  Data  Schedule  for  the  quarter  ended June 30, 1999.

(b)     Reports  on  Form  8-K

     None.

                                       11
<PAGE>
                                   SIGNATURES

     Pursuant  to  the  requirements  of  Section  13 or 15(d) of the Securities
Exchange  Act  of  1934, the Company has duly caused this report to be signed on
its  behalf  by  the  undersigned,  thereunto  duly  authorized.


                                          CENTENARY  INTERNATIONAL  CORP.


August 16, 1999                           By: /s/ Hector A. Patron Costas
                                              ------------------------------
                                              Hector A. Patron Costas
                                              Director, Chairman, Secretary,
                                              and Chief Financial Officer

                                       12
<PAGE>
<TABLE>
<CAPTION>
                               CENTENARY INTERNATIONAL CORP.
                               -----------------------------

                                CONSOLIDATED BALANCE SHEETS
                                ---------------------------
                                  (Stated in US Dollars)
                                        (UNAUDITED)


                                                            June 30,        December 31,
                                                              1999              1998
                                                        ----------------  ----------------
<S>                                                     <C>               <C>
                             ASSETS
                             ------
CURRENT ASSETS
--------------

Cash . . . . . . . . . . . . . . . . . . . . . . . . .  $        70,901   $        37,336
Accounts receivable, net of allowance for doubtful . .       12,464,362         8,731,673
accounts of 448,024 and 291,868 in 1999 and 1998
  respectively . . . . . . . . . . . . . . . . . . . .        8,703,310         5,580,157
Other receivables (note 4) . . . . . . . . . . . . . .          142,224           102,153
Deferred tax asset (note 9). . . . . . . . . . . . . .        2,000,000                 -
                                                        ----------------  ----------------
Notes receivable - related party (note 5)
    Total current assets . . . . . . . . . . . . . . .       23,380,797        14,451,319
                                                        ----------------  ----------------

Notes receivable B related party (note 5). . . . . . .        2,000,000                 -
Property, plant and equipment. . . . . . . . . . . . .       10,850,479        10,687,036
Goodwill (note 3). . . . . . . . . . . . . . . . . . .        1,027,632                 -
                                                        ----------------  ----------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .       13,878,111        10,687,036
                                                        ----------------  ----------------
    Total assets . . . . . . . . . . . . . . . . . . .  $    37,258,908   $    25,138,355
                                                        ================  ================


        LIABILITIES AND SHAREHOLDERS' EQUITY
        ------------------------------------
CURRENT LIABILITIES
-------------------

Accounts payable . . . . . . . . . . . . . . . . . . .  $     9,467,840   $     2,025,242
Short term debt (note 6) . . . . . . . . . . . . . . .        4,599,838           826,876
Long term debt B current portion (note 6). . . . . . .        2,357,681         1,723,201
Accrued payroll and related expenses . . . . . . . . .          110,995           129,895
Taxes payable. . . . . . . . . . . . . . . . . . . . .          752,358           432,201
Customers advances . . . . . . . . . . . . . . . . . .          439,621           360,050
Other liabilities
    Total current liabilities. . . . . . . . . . . . .          445,833           143,906
                                                        ----------------  ----------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .       18,174,166         5,641,371
                                                        ----------------  ----------------


Accounts payable long term . . . . . . . . . . . . . .           36,632            77,306
Long term debt (note 6). . . . . . . . . . . . . . . .       11,566,049        12,235,708
Taxes payable. . . . . . . . . . . . . . . . . . . . .                -            26,216
Minority interest
    Total non-current liabilities. . . . . . . . . . .           77,622            71,578
                                                        ----------------  ----------------
    Total liabilities. . . . . . . . . . . . . . . . .       11,680,303        12,410,808
                                                        ----------------  ----------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .       29,854,469        18,052,179
                                                        ----------------  ----------------

SHAREHOLDERS' EQUITY
--------------------

Common stock, $.001 par value, 50,000,000
  shares authorized; 18,963,500 and
  3,910,000 shares issued and outstanding in 1999
  and 1998 respectively. . . . . . . . . . . . . . . .           18,963            18,963

Paid in capital. . . . . . . . . . . . . . . . . . . .        7,981,037         7,981,037

Retained earnings (deficit). . . . . . . . . . . . . .         (419,561)         (737,824)

Receivable from sale of stock. . . . . . . . . . . . .         (176,000)         (176,000)
                                                        ----------------  ----------------

    Total shareholders' equity . . . . . . . . . . . .        7,404,439         7,086,176
                                                        ----------------  ----------------

    Total liabilities and shareholders' equity . . . .  $    37,258,908   $    25,138,355
                                                        ================  ================
</TABLE>

        The accompanying notes are an integral part of these statements.

                                      F-1
<PAGE>
<TABLE>
<CAPTION>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      -------------------------------------

           FOR THE PERIODS OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
           ----------------------------------------------------------
                             (Stated in US Dollars)
                                   (UNAUDITED)


                                                 1999             1998
                                            ---------------  ---------------
<S>                                         <C>              <C>
Net sales. . . . . . . . . . . . . . . . .  $    43,962,131  $    75,934,052
Cost of goods sold . . . . . . . . . . . .       34,281,063       61,450,471
                                            ---------------  ---------------

    Gross profit . . . . . . . . . . . . .        9,681,068       14,483,581

Selling expenses . . . . . . . . . . . . .        7,583,859       10,073,620
Administrative expenses
    Operating income . . . . . . . . . . .        1,337,573        1,968,722
                                            ---------------  ---------------
Other income and loss, net . . . . . . . .          759,636        2,441,239
Interest expense
    Income before income taxes and . . . .          691,535          326,439
    minority interest. . . . . . . . . . .          794,484          927,603
                                            ---------------  ---------------
Income taxes (note 9). . . . . . . . . . .          656,687        1,187,197
Minority interest in subsidiary. . . . . .          332,380          493,857
 . . . . . . . . . . . . . . . . . . . . .            6,044                -
                                            ---------------  ---------------

    Net income . . . . . . . . . . . . . .  $       318,263  $       693,340
                                            ===============  ===============

    Earnings per share, basic and diluted.  $          .017  $          .037
                                            ===============  ===============
</TABLE>

        The accompanying notes are an integral part of these statements.

                                      F-2
<PAGE>
<TABLE>
<CAPTION>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      -------------------------------------

          FOR THE PERIODS OF THREE MONTHS ENDED JUNE 30, 1999 AND 1998
          ------------------------------------------------------------
                             (Stated in US Dollars)
                                   (UNAUDITED)


                                                1999             1998
                                           ---------------  ---------------
<S>                                        <C>              <C>
Net sales . . . . . . . . . . . . . . . .  $    25,170,519  $    56,308,435
Cost of goods sold. . . . . . . . . . . .       19,386,830       45,668,146
                                           ---------------  ---------------

    Gross profit. . . . . . . . . . . . .        5,783,689       10,640,289

Selling expenses. . . . . . . . . . . . .        4,810,697        6,483,635
Administrative expenses
    Operating income. . . . . . . . . . .          650,315        1,054,060
                                           ---------------  ---------------
Other income and loss, net. . . . . . . .          322,677        3,102,594
Interest expense
    Income before income taxes and. . . .          701,504          326,881
    Minority interest . . . . . . . . . .          436,321          661,622
                                           ---------------  ---------------
Income taxes. . . . . . . . . . . . . . .          587,860        2,114,091
Minority interest in subsidiary . . . . .          301,120          576,350
 . . . . . . . . . . . . . . . . . . . . .            5,890                -
                                           ---------------  ---------------

    Net income. . . . . . . . . . . . . .  $       280,850  $     1,537,741
                                           ===============  ===============

    Earnings per share, basic and diluted  $          .015  $           081
                                           ===============  ===============
</TABLE>

        The accompanying notes are an integral part of these statements.

                                      F-3
<PAGE>
<TABLE>
<CAPTION>
                               CENTENARY INTERNATIONAL CORP.
                               -----------------------------

                           CONSOLIDATED STATEMENTS OF CASH FLOWS
                           -------------------------------------

                 FOR THE PERIOD OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
                 ---------------------------------------------------------
                                   (Stated in US Dollars)
                                        (UNAUDITED)


                                                             1999               1998
                                                       ----------------  ------------------
<S>                                                    <C>               <C>

CASH FLOW FROM OPERATING ACTIVITIES
-----------------------------------
Net income. . . . . . . . . . . . . . . . . . . . . .  $       318,263   $         693,340
                                                       ----------------  ------------------

Adjustments to reconcile net income to ner cash:

       Amortization of intangibles assets . . . . . .                -             199,258

Depreciation of fixed assets. . . . . . . . . . . . .          123,757              90,100

Depreciation of goodwill. . . . . . . . . . . . . . .           21,865                   -

Changes in assets and liabilities:

Accounts receivables. . . . . . . . . . . . . . . . .       (3,732,689)         (7,424,162)

Other receivables . . . . . . . . . . . . . . . . . .       (3,123,153)          5,992,834

Notes receivables . . . . . . . . . . . . . . . . . .       (2,000,000)                  -

Inventories . . . . . . . . . . . . . . . . . . . . .                -             422,159

Deferred taxes. . . . . . . . . . . . . . . . . . . .          (40,071)             62,197

Accounts payable. . . . . . . . . . . . . . . . . . .        7,401,924          (5,570,444)

Accrued payroll and related expenses. . . . . . . . .          (18,900)            260,154

Taxes payable . . . . . . . . . . . . . . . . . . . .          293,941             326,649

Advances of customers . . . . . . . . . . . . . . . .           79,571            (142,590)

Other liabilities . . . . . . . . . . . . . . . . . .          301,927             155,878

Minority interest . . . . . . . . . . . . . . . . . .            6,044                   -
                                                       ----------------  ------------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .         (685,784)         (5,627,967)
                                                       ----------------  ------------------

INVESTING ACTIVITIES
--------------------

Notes receivable - related party. . . . . . . . . . .       (2,000,000)                  -

Purchase of Platafreight. . . . . . . . . . . . . . .       (1,049,497)                  -

Purchase of fixed assets. . . . . . . . . . . . . . .         (359,223)         (1,584,374)

Proceeds of sale of fixed assets. . . . . . . . . . .           72,023             117,000

Purchase of intangible assets . . . . . . . . . . . .                -              (1,171)

           Proceeds of sale of property held for sale                -           1,100,000
                                                       ----------------  ------------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .       (3,336,697)           (368,545)
                                                       ----------------  ------------------

FINANCING ACTIVITIES
--------------------

Net borrowings (repayments) of short term debt. . . .        3,772,962          (3,613,304)

Net borrowing (repayments) under long term debt . . .                -           6,597,575

Borrowings-long term debt . . . . . . . . . . . . . .          705,032             292,587

Repayments - long term debt . . . . . . . . . . . . .         (740,211)           (563,614)

Issuance of common stock. . . . . . . . . . . . . . .                -           5,500,000

           Advanced capital contribution. . . . . . .                -          (4,000,000)
                                                       ----------------  ------------------

Net cash provided (used in) financing activities. . .        3,737,783           4,213,244
                                                       ----------------  ------------------

NET INCREASE (DECREASE) IN CASH . . . . . . . . . . .           33,565          (1,089,928)
-----------------------------------------------------

CASH AT THE BEGINNING OF THE PERIOD . . . . . . . . .           37,336           1,168,099
-----------------------------------------------------  ----------------  ------------------

CASH AT THE END OF THE PERIOD . . . . . . . . . . . .  $        70,901   $          78,171
-----------------------------------------------------  ================  ==================

Supplemental cash flow information:

Cash paid for incomes taxes . . . . . . . . . . . . .  $        42,963   $         172,481

Cash paid for interest. . . . . . . . . . . . . . . .          422,490             938,836
                                                       ----------------  ------------------
                                                       $       465,453   $       1,111,317
                                                       ================  ==================
</TABLE>

        The accompanying notes are an integral part of these statements.

                                      F-4
<PAGE>
<TABLE>
<CAPTION>
                               CENTENARY INTERNATIONAL CORP.
                               -----------------------------

                           CONSOLIDATED STATEMENTS OF CASH FLOWS
                           -------------------------------------

                FOR THE PERIOD OF THREE  MONTHS ENDED JUNE 30, 1999 AND 1998
                ------------------------------------------------------------
                                   (Stated in US Dollars)
                                        (UNAUDITED)


                                                             1999               1998
                                                       ----------------  ------------------
<S>                                                    <C>               <C>
CASH FLOW FROM OPERATING ACTIVITIES
-----------------------------------
Net income. . . . . . . . . . . . . . . . . . . . . .  $       280,850   $       1,537,741
                                                       ----------------  ------------------

Adjustments to reconcile net income to ner cash:

       Amortization of intangibles assets . . . . . .                -              93,725

Depreciation of fixed assets. . . . . . . . . . . . .           63,160              46,505

Depreciation of goodwill. . . . . . . . . . . . . . .           13,119                   -

Changes in assets and liabilities:

Accounts receivables. . . . . . . . . . . . . . . . .       (6,539,365)         (8,190,293)

Other receivables . . . . . . . . . . . . . . . . . .       (2,548,950)          4,331,537

Notes receivables . . . . . . . . . . . . . . . . . .                -                   -

Inventories . . . . . . . . . . . . . . . . . . . . .                -             398,619

Deferred taxes. . . . . . . . . . . . . . . . . . . .          (35,001)             94,643

Accounts payable. . . . . . . . . . . . . . . . . . .        7,759,834          (6,126,747)

Accrued payroll and related expenses. . . . . . . . .           27,628             310,606

Taxes payable . . . . . . . . . . . . . . . . . . . .          154,562              31,065

Advances of customers . . . . . . . . . . . . . . . .           58,955            (165,007)

Other liabilities . . . . . . . . . . . . . . . . . .          239,427              93,378

Minority interest . . . . . . . . . . . . . . . . . .            5,890                   -
                                                       ----------------  ------------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .         (800,741)         (9,081,969)
                                                       ----------------  ------------------

INVESTING ACTIVITIES
--------------------

Notes receivable - related party. . . . . . . . . . .                -                   -

Purchase of Platafreight. . . . . . . . . . . . . . .                -                   -

Purchase of fixed assets. . . . . . . . . . . . . . .         (269,089)           (509,710)

Proceeds of sale of fixed assets. . . . . . . . . . .            2,148            (983,901)

Purchase of intangible assets . . . . . . . . . . . .                -                   -

           Proceeds of sale of property held for sale                -           1,100,000
                                                       ----------------  ------------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .         (266,941)           (393,611)
                                                       ----------------  ------------------

FINANCING ACTIVITIES
--------------------

Net borrowings (repayments) of short term debt. . . .          611,769            (126,349)

Net borrowing (repayments) under long term debt . . .                -           6,597,575

Borrowings-long term debt . . . . . . . . . . . . . .          427,605            (506,210)

Repayments - long term debt . . . . . . . . . . . . .         (279,589)           (430,232)

Issuance of common stock. . . . . . . . . . . . . . .                -           5,100,000

           Advanced capital contribution. . . . . . .                -          (4,000,000)
                                                       ----------------  ------------------

Net cash provided (used in) financing activities. . .          759,785           6,634,784
                                                       ----------------  ------------------

NET INCREASE (DECREASE) IN CASH . . . . . . . . . . .          (27,047)         (1,303,055)
-----------------------------------------------------

CASH AT THE BEGINNING OF THE PERIOD . . . . . . . . .           97,948           1,381,226
-----------------------------------------------------  ----------------  ------------------

CASH AT THE END OF THE PERIOD . . . . . . . . . . . .  $        70,901   $          78,171
-----------------------------------------------------

Supplemental cash flow information:

Cash paid for incomes taxes . . . . . . . . . . . . .  $        40,456   $         129,363

Cash paid for interest. . . . . . . . . . . . . . . .          179,664             551,666
                                                       ----------------  ------------------
 . . . . . . . . . . . . . . . . . . . . . . . . . . .  $       220,120   $         681,029
                                                       ================  ==================
</TABLE>

        The accompanying notes are an integral part of these statements.

                                      F-5
<PAGE>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------


                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 ----------------------------------------------

            FOR THE PERIOD OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
            ---------------------------------------------------------
                             (stated in US Dollars)
                                   (UNAUDITED)


1.     Basis  of  presentation
       -----------------------

The  accompanying  unaudited  consolidated  financial  statements  of  CENTENARY
INTERNATIONAL  CORP.  and  its  majority  owned subsidiary have been prepared in
accordance  with  generally accepted accounting principles for interim financial
information  and with the instructions to Form 10-Q and Article 10 of Regulation
S-X.  Accordingly,  they  do  not  include  all of the information and footnotes
required  by  generally  accepted  accounting  principles for complete financial
statements.  The  unaudited consolidated financial statements have been prepared
on  the  same  basis  as  the audited condensed financial statements and, in the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered  necessary  for  a  fair  presentation  have been included. Operating
results  for  the  three  months  and  six  months,  ended June 30, 1999 are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 1999. For further information refer to the financial statements and
footnotes  included  in  the company's annual report on Form 10-KSB for the year
ended  December  31,  1998.

The  consolidated  financial  statements  include  the  accounts  of  CENTENARY
INTERNATIONAL  CORP. and its majority owned subsidiary, CENTENARY ARGENTINA S.A.
and,  PLATAFREIGHT  S.A.  since  February  1,  1999.

2.     Earnings  per  share
       --------------------

Basic  earnings  per  share is computed by dividing net income by the 18,963,500
shares  outstanding.

Diluted  earnings  per  share  is equivalent to basic earnings per share because
there  are  no  potentially  dilutive  equivalents.

3.     Acquisition  of  Platafreight  S.A.  and  Pisondix  S.A.
       -------------------------------------------------------

On  February  1, 1999 the Company purchased Platafreight S.A., a private company
in  Uruguay  in the sea freight business. The purchase price was $ 1,268,000 for
all  the  issued  and  outstanding  Platafreight  stock.
The  cost  in  excess  of  the  fair  value  of  the  net assets (goodwill) is $
1,049,497,  at  the  time  of  purchase.
The  transaction  is accounted for as a purchase and the net assets and earnings
of  Platafreight  S.A.  are  consolidated with Centenary since February 1, 1999.
Goodwill  resulting  from  the  transaction  will  be  amortized  over 20 years.

On  July  9,  1999  Centenary  International  Corp.  Acquired a Panamanian shell
corporation  Pisondix  ,  which  holds  a  buying option for two 27,000  MT  DWT
bulk carrier  vessels  Bpresently  under  construction-,  with  a market value
of USD 13,800,000  each.  The  first one will be ready for  launching  on
February, 2000; and the second one will be completed  by  June, 2001. This
option  can  be exercised by  depositing  5%  of  the total value of the vessels
on December 15, 1999.  The historic  value  for  vessels  of  this  kind  in
the new  building international market,  is  between  USD  15  and  22  million
each.

                                      F-6
<PAGE>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------


                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 ----------------------------------------------

            FOR THE PERIOD OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
            ---------------------------------------------------------
                             (stated in US Dollars)
                                   (UNAUDITED)


4.     Other  receivables
       ------------------

<TABLE>
<CAPTION>
                                       June 30,     December 31,
                                         1999           1998
                                     -------------  -------------
<S>                                  <C>            <C>
Related party (note 7). . . . . . .  $   5,178,929  $   1,790,859
Receivables from sale of trademark.      1,530,000      1,530,000
Refundable tax credits. . . . . . .      1,384,573      1,251,148
Other receivables . . . . . . . . .        214,243        279,375
Receivable, Sale of Marigold Plant.        212,284        271,000
Advances to directors . . . . . . .        183,281        142,233
Receivable, Platafreight S.A. . . .              -        291,986
Notes receivable. . . . . . . . . .              -         23,556
                                     -------------  -------------
 . . . . . . . . . . . . . . . . . .  $   8,703,310  $   5,580,157
                                     =============  =============
</TABLE>

5.     Note  receivable-  related  party
       ---------------------------------

The  Company  has a receivable in the amount of $ 4 million from a company under
common  control.

The  note  receivable  bears  interest  at  12%  and  is  payable  in  2  annual
installments  of  $  2,000,000  due  June  30,  2000  and  2001.  The  note  is
collateralized  by  2,000,000  shares  of  stock  in  the  Company.

6.     Debt
       ----

<TABLE>
<CAPTION>
                   June 30,    December 31,
                     1999          1998
                 ------------  ------------
<S>              <C>           <C>
Short term debt  $  3,466,945  $    511,199
Bank loans. . .       685,686             -
Bank notes. . .       447,207       315,677
Bank overdraft.  $  4,599,838  $    826,876
                 ------------  ------------
 . . . . . . . .  $  4,599,838  $    826,876
                 ============  ============
</TABLE>

The  Company  has a bank loan of $ 960,257 for the financing of exports which is
due  August,  1999.  The  interest rate is LIBOR (London Interbank Offered Rate)
(5.67%  at  June  30,  1999)  plus  3%.

                                      F-7
<PAGE>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------


                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 ----------------------------------------------

            FOR THE PERIOD OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
            ---------------------------------------------------------
                             (stated in US Dollars)
                                   (UNAUDITED)


The Company has a bank loan of $ 2,506,688 for prefinancing of exports. The loan
is  collateralized  by  the  ranch.  Repayment  of this loan is due in 3 monthly
payments  of  $  807,640  beginning  September 1999. The interest rate was LIBOR
(London  Interbank  Offered  Rate)  (5.67%  at  June  30,  1999)  plus  2%.

The  Company has bank notes of $ 685,686 for prefinancing of exports. One of the
notes  requires repayments of $ 522,500 Bthe discount fee totaling $ 22,500- and
is  due  in 2 monthly payments of $ 261,250, beginning June 99. The total amount
is  being  renegotiated  with  the Bank. The other notes require repayments of $
163,186  and  are  due in 3 payments of $ 116,162, $ 19,431 and $ 27,593, during
September  1999,  including  an  interest  rate  of  12%.

<TABLE>
<CAPTION>
                                        June 30,        December 31,
                                          1999              1999
                                     ---------------  ----------------
<S>                                  <C>              <C>
Long term debt: . . . . . . . . . .  $    7,708,238   $     7,513,014
Bank loans. . . . . . . . . . . . .       5,844,231         5,909,432
Vendor loans. . . . . . . . . . . .         371,260           536,463
Office purchase loan. . . . . . . .      (2,357,681)       (1,723,201)
                                     ---------------  ----------------
Less current maturities, included
  in long term debt-current portion  $   11,566,048   $    12,235,708
                                     ===============  ================
</TABLE>

The  Company  has bank loans of $ 5,309,864 for the prefinancing of exports. The
loans  are  collateralized  by  the  ranch.  One  loan  requires  repayment of $
3,294,000  and  is due in 44 monthly payments of $ 68,182 beginning February 22,
1999  plus interest at 14% per annum. The amount of the first 8 monthly payments
was renegotiated with the bank. These payments are due in 3 monthly installments
of  $  181,818,  plus  interest  at 14% per annum, beginning September 1999. The
other  loan requires repayment of $ 2,015,864 and is due at the Company's option
at six month intervals until August, 2002 and the interest rate is LIBOR (London
Interbank  Offered  Rate)  (5.67%  at  June  30,  1999)  plus  2%.

The Company also has a bank loan of $ 2,398,374 for financing the development of
the  olive  grove. The loan is collateralized by the ranch. The interest rate is
LIBOR  (London  Interbank  Offered  Rate)  (5.67%  at  June 30, 1999) plus 4.5%.
Repayment  of  this  loan  is  due  in  5 annual payments of $ 600,000 beginning
August,  2000.

The Company has a vendor loan of $ 5,844,231 for commodities purchases. The loan
is collateralized by the ranch. The interest rate is 12%. Repayment of this loan
is  due in 1 payment of $ 105,000, which was paid, and 4 semi-annual payments of
$  500,000  beginning March, 1999, of which $ 400,969 was paid and 6 semi-annual
payments  of  $  850,000 beginning February, 2001. The remaining $ 99,031 of the
March  payment  has  been  renegotiated  and  is  due  in  September  30,  1999.

The  Company  has  an  office purchase loan of $ 371,260 for the purchase of the
administrative  office.  The  loan is collateralized by the office. The interest
rate is 10%. Repayment of this loan is due in 4 annual payments of $ 87,375 plus
interest  beginning  January,  2000.

                                      F-8
<PAGE>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------


                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 ----------------------------------------------

            FOR THE PERIOD OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
            ---------------------------------------------------------
                             (stated in US Dollars)
                                   (UNAUDITED)


Maturities  of  long-term  debt for the next five years at June 30, 1999, are as
follows:

<TABLE>
<CAPTION>
<S>         <C>
2000 . . .  $    2,357,681
2001 . . .       2,238,115
2002 . . .       2,703,238
2003 . . .       4,214,667
2004 . . .       2,049,702
Thereafter         360,326
            --------------
 . . . . .  $   13,923,729
            ==============
</TABLE>

7.     Related  party  transactions
       ----------------------------

Other  receivables  include amounts due from affiliated companies of $ 5,178,929
and  $  2,117,178  in  1999  and  1998  respectively.

The  Company  purchased $ 2,123,139 and $ 19,545,139 of products and $ 1,790,570
and  $ 4,971,995 of services from affiliated companies, during 1999 and 1998. In
addition,  the Company provides certain administrative services and pays certain
expenses  for  an  affiliated  company.  The  affiliated  company reimbursed the
Company  for  these  costs totaling $ 3,151,907 during 1999 and $ 210,540 during
1998.

8.     Restricted  retained  earnings
       ------------------------------

According  to  the  Argentine  laws,  5%  of the net earnings of CENTENARY S.A.,
calculated  in  accordance  with  generally  accepted  accounting  principles in
Argentina,  for the year should be appropriated to increase the legal reserve up
to  20%  of  common stock. At December 31, 1998, the legal reserve amounted to $
47,681.

In previous years the shareholders designated $ 95,057 of retained earnings as a
general  reserve.

Retained  earnings  related  to the legal and general reserves are not available
for  dividends.

                                      F-9
<PAGE>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------


                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 ----------------------------------------------

            FOR THE PERIOD OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
            ---------------------------------------------------------
                             (stated in US Dollars)
                                   (UNAUDITED)


9.     Income  taxes
       -------------

The  components  of  income  tax  expense  are  as  follows:

<TABLE>
<CAPTION>
                              Six months ended June 30,
                                  1999          1998
                             --------------  ------------
<S>                          <C>             <C>
Current
Federal . . . . . . . . . .  $     372,450   $    431,660
State and local . . . . . .              -              -
                             --------------  ------------
Total income taxes current
Deferred tax benefit. . . .        372,450        431,660
Income taxes (benefit). . .        (40,070)        62,197
                             --------------  ------------
 . . . . . . . . . . . . .   $     332,380   $    493,857
                             ==============  ============
</TABLE>

The income tax provision reconciled to the tax computed at the statutory Federal
rate  is:

<TABLE>
<CAPTION>
                                                        Six months ended June 30,
                                                            1999        1998
                                                          --------  -----------
<S>                                                       <C>       <C>
Tax at statutory rate. . . . . . . . . . . . . . . . . .       35%         33 %
Non deductible allowance for doubtful accounts . . . . .      1.3%         2.7%
Non deductible board remuneration. . . . . . . . . . . .      2.5%          .4%
Profit of Platafreight and Centenary International Corp.     14.9%           -
Amortization of intangible assets. . . . . . . . . . . .        -          5.5%
Other deductions . . . . . . . . . . . . . . . . . . . .    (3.1%)           -
                                                          --------  -----------
 . . . . . . . . . . . . . . . . . . . . . . . . . . . .     50.6%       41.6 %
                                                          ========  ===========
</TABLE>

Significant  components  of  the  Company's  deferred tax assets are as follows:

<TABLE>
<CAPTION>
                                   June 30,    December, 31,
                                     1999           1998
                                  -----------  --------------
<S>                               <C>          <C>
Deferred tax assets due to:
Allowance for doubtful accounts.  $   137,154  $      102,153
Provision for severance payments        5,070               -
                                  -----------  --------------
 . . . . . . . . . . . . . . . .      142,224  $      102,153
                                  ===========  ==============
</TABLE>

                                      F-10
<PAGE>
                          CENTENARY INTERNATIONAL CORP.
                          -----------------------------


                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 ----------------------------------------------

            FOR THE PERIOD OF SIX MONTHS ENDED JUNE 30, 1999 AND 1998
            ---------------------------------------------------------
                             (stated in US Dollars)
                                   (UNAUDITED)

10.     Geographical  information
        -------------------------

The  Company's operations involve, basically, a single industry segment, trading
commodities and agriproducts internationally. In the future when the olive grove
has  been developed there will be an additional segment. The geographic areas in
which  the  Company  operates  are  Pacific,  Europe,  Mercosur, Russia and ex B
Soviet,  China  and  Far  East,  Africa, Middle East and Caribbean. Net sales by
geographical  area  were  as  follows:

<TABLE>
<CAPTION>
                                     Six months ended June 30,
                                  -------------------------------
                                       1999            1998
                                  --------------  ---------------
<S>                               <C>             <C>
Middle East. . . . . . . . . . .      17,464,735        9,758,331

South American Pacific . . . . .      16,394,726       38,551,861

Caribbean. . . . . . . . . . . .       9,069,069       13,273,928

Mercosur . . . . . . . . . . . .         641,883        1,826,758

Russia and ex B Soviet Countries         275,118       10,587,176

Africa . . . . . . . . . . . . .          90,600        1,861,261

Mediterranean. . . . . . . . . .          26,000                -

China and Far East . . . . . . .               -           68,250

Europe . . . . . . . . . . . . .               -            6,487
                                  --------------  ---------------
                                      43,962,131       75,934,052
                                  ==============  ===============
</TABLE>

The  Company  has  no  identificable  assets  in other countries than Argentina.

                                      F-11
<PAGE>