Nishimatsu Construction Co., Ltd.

Consolidated

Financial Results (abstract)

as of 31st March 2005

Consolidated

Nishimatsu Construction Co., Ltd.

	Millions of Yen	Millions of Yen	Thousands of U.S. Dollars
*(1) Result of Operations*	2004	2005	2005

Net Sales	446,057	449,927	4,189,661
Income from Operations	8,035	11,567	107,714
Net Income	-6,591	3,098	28,850


Per Share of Common Stock (In Yen)
Net Income	-23.78 yen	11.02 yen	0.103


*(2) Assets and Equity*

Total Assets	737,812	719,796	6,702,642
Total Shareholders' Equity	184,899	185,664	1,728,878
Equity/ Assets Ratio (%)	25.1%	25.8%	25.8%
Shareholders' Equity per Share (In Yen)	665.85 yen	668.68 yen	6.23


*(3) Cash Flows*

Cash flows from operating activities	7,763	-22,526	-209,767
Cash flows from investing activities	10,540	18,256	169,998
Cash flows from financing activities	-498	21,063	196,144
Cash balance as of 31st March 2005	90,923	107,601	1,001,967

	Millions of Yen	Millions of Yen
*(4) Forecast for Fiscal Year 2005*	First Half of the Year	Whole Year

Net Sales	146,500	431,000
Ordinary Profit	2,300	11,200
Net Income	1,000	4,700

Note 1: Figures in US$ in this report are converted from yen at the rate of 107.39JPY=US$1.00, the rate prevailing on 31st March 2005, 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 eight 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.