Nishimatsu Construction Co., Ltd.

Consolidated

Financial Results (abstract)

as of 31st March 2006

Consolidated

Nishimatsu Construction Co., Ltd.

	Millions of Yen	Millions of Yen	Thousands of U.S. Dollars
*(1) Result of Operations*	2005	2006	2006

Net Sales	449,927	449,060	3,822,771
Income from Operations	11,567	8,203	69,834
Net Income	3,098	4,184	35,620


Per Share of Common Stock (In Yen)
Net Income	11.02 yen	15.02 yen	0.128


*(2) Assets and Equity*

Total Assets	719,796	724,744	6,169,614
Total Shareholders' Equity	185,664	204,750	1,743,004
Equity/ Assets Ratio (%)	25.8%	28.3%	28.3%
Shareholders' Equity per Share (In Yen)	668.68 yen	737.70 yen	6.28


*(3) Cash Flows*

Cash flows from operating activities	-22,526	269	2,293
Cash flows from investing activities	18,256	28,870	245,766
Cash flows from financing activities	21,063	-49,342	-420,041
Cash balance as of 31st March 2006	107,601	87,765	747,132

	Millions of Yen	Millions of Yen
*(4) Forecast for Fiscal Year 2006*	First Half of the Year	Whole Year

Net Sales	169,500	475,500
Ordinary Profit	500	11,000
Net Income	200	4,500

Note 1: Figures in US$ in this report are converted from yen at the rate of 117.47JPY=US$1.00, the rate prevailing on 31st March 2006, 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 trivial influence on total income and equity. Also, the equity method of accounting was not applied.