Consolidated semiannual results 1999
( For the six-month periods ended Sep. 30, 1999)

November 18, 1999
Nissho Iwai Corporation
Code No. :  8063
Listed stock exchange: the first sections of Tokyo, Osaka, and Nagoya; Hiroshima
Headquarters: Osaka: 5-8, Imabashi 2-chome, Chuo-ku, Osaka
  Tokyo: 4-5, Akasaka 2-chome, Minato-ku, Tokyo
Contact person:

Tokyo: Ito

 TEL (03) 3588-4715
 

Osaka: Takayama

 TEL (06) 6209-2056
Meeting of board of directors held: November 17, 1999


1. Operation for the six-month periods ended Sep. 30, 1999

(1) Summary (All amounts in millions of yen are rounded down to the nearest million.)
�@ Sales % Change Operating
Income		 % Change Ordinary
Income		 % Change
   (millions of yen) (%) (millions of yen) (%) (millions of yen) (%)
Half-year ended Sep. 30, 1999 3,751,192 ( -  19.2) 20,845 (   16.1) 16,166 (   115.0)
Half-year ended Sep. 30, 1998 4,640,322 ( - 2.1) 17,955 ( - 43.2) 7,518 ( - 76.8)
Year ended Mar. 31, 1999 8,658,906    44,982    23,983   

   Net Income % Change Net Income per
share		 Net Income ratio on
shareholders' equity
   (millions of yen) (%) (yen) (%)
Half-year ended Sep. 30, 1999 -  2,301 (  -) -  2.63 -  1.4
Half-year ended Sep. 30, 1998 - 55,889 ( -) - 63.92 - 23.3
Year ended Mar. 31, 1999 - 98,542    -112.69 - 45.2
(Notes)
1. Equity in losses of unconsolidated subsidiaries and affiliates:
      the six-month periods ended Sep. 30, 1999 -  2,281 million yen
      the six-month periods ended Sep. 30, 1998 -  2,273 million yen
      the year ended Mar. 31, 1999 -  3,610 million yen
2. No change of accounting policies in this six-month periods


(2) Financial position
   Total assets Total shareholders'
equity		 Shareholders'
equity ratio		 Shareholders'
equity per share
   (millions of yen) (millions of yen) (%) (yen)
As of Sep. 30, 1999 4,451,939 164,815 3.7 188.48
As of Sep. 30, 1998 5,479,162 210,885 3.8 241.17
As of Mar. 31, 1999 4,658,033 166,834 3.6 190.79

(3) Number of consolidated subsidiaries and companies accounted for by the equity method
   As of Sep. 30, 1999 As of Mar. 31, 1999 As of Sep. 30, 1998
Consolidated subsidiaries 398 395 376
Companies accounted for
by the equity method		 223 223 210
Total 621 618 586

(4) The major consolidated subsidiaries and companies accounted for by the equity method
Consolidated subsidiaries:
(Domestic) NISSHO ELECTORONICS CORP.
NISSHO IWAI STEEL LEASING Co., LTD.
(Overseas) NISSHO IWAI AMERICAN CORPORATION
NISSHO IWAI EUROPE PLC
Companies accounted for by the equity method:
(Domestic) NIHON SEIKO CO., LTD , THE CHUO WOOLEN MILLS, LTD.
FUJI SEITO CO., LTD
(Overseas) MITSUBISHI MOTORS
   PHILIPPINES CORPORATION


2. Projections for the year ending Mar. 31, 2000

   Sales Ordinary Income Net Income
   (millions of yen) (millions of yen) (millions of yen)
Year ending Mar. 31, 2000 8,000,000 34,000 10,000
(Reference) Estimated net income per share: \11.44

[Reference] Operation for the six-month periods ended Sep. 30, 1999 (Non-consolidated base)

Sales % Change Operating Income % Change Ordinary Income % Change
(millions of yen)   (%)   (millions of yen)   (%)   (millions of yen)   (%)  
3,118,310   (-22.8)   10,093   (57.6)   11,049   (-33.6)  

Net Income % Change Net Income per share Total assets Total shareholders' equity
(millions of yen)   (%)   (yen)   (millions of yen)   (millions of yen)  
-3,511   (-)   -4.01   2,654,412   201,763  


Notes: Nissho Iwai Corporation and its consolidated domestic subsidiaries maintain their accounts and records in accordance with the provisions set forth in the Japanese Commercial Code and the Securities and Exchange Law and in conformity with accounting principles and practices generally accepted in Japan. The above statement are translated into English for the convenience of the readers outside Japan.

Results of Operations(Consolidated)
Brief Notes of Consolidated Semiannual Results 1999
Results of Operations(Non-consolidated)
Brief Notes of Non-consolidated Semiannual Results 1999


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