Nishimatsu Construction Co., Ltd.

Consolidated

Financial Results (abstract)

as of 31 Mar. 2004

Consolidated

Nishimatsu Construction Co., Ltd.

	Millions of Yen	Millions of Yen	Thousands of U.S. Dollars
*(1) Result of Operations*	2003	2004	2004

Net Sales	506,009	446,057	4,220,435
Income from Operations	14,030	8,035	76,026
Net Income	4,513	-6,591	-62,362


Per Share of Common Stock (In Yen)
Net Income	16.12 yen	-23.78 yen	-0.225


*(2) Assets and Equity*

Total Assets	736,445	737,812	6,980,910
Total Shareholders' Equity	176,837	184,899	1,749,451
Equity/ Assets Ratio (%)	24.0%	25.1%	25.1%
Shareholders' Equity per Share (In Yen)	636.62 yen	665.85 yen	6.30


*(3) Cash Flows*

Cash flows from operating activities	470	7,763	73,460
Cash flows from investing activities	-17,560	10,540	99,730
Cash flows from financing activities	27,716	-498	-4,715
Cash balance as of 31st March 2004	73,340	90,923	860,286

	Millions of Yen	Millions of Yen
*(4) Forecast for Fiscal Year 2004*	First Half of the Year	Whole Year

Net Sales	157,500	441,000
Ordinary Profit	1,600	11,000
Net Income	300	3,500

Note 1: Figures in US$ in this report are converted from yen at the rate of 105.69JPY=US$1.00, the rate prevailing on March 31, 2004, for the readers' convenience only.
Note 2: Net income per share of common stock is based upon the weighted average number of shares of common stock outstanding during each year.
Note 3: The company prepared the consolidated financial statements as of this fiscal year, not drawing any parallels between prior fiscal year's and this years' figures.
Note 4: Nishimatsu Construction Co., Ltd. has six subsidiaries and ten affiliates, but only Shoei Real Estate Co., Ltd. is consolidated with the company. The others have been excluded because of the trival influence on total income and equity. Also, the equity method of accounting was not applied.