Non-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

Semiannual interim dividend system: adopted

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 3,118,310(-22.8) 10,093(57.6) 11,049(-33.6)
Half-year ended Sep. 30, 1998 4,036,835(-3.3) 6,404(-59.3) 16,651(-19.0)
Year ended Mar. 31, 1999 7,783,458  21,871  46,143 

�@ Net Income% Change Net Income
per share		 Accounting Procedure
(millions of yen) (%) (yen)  
Half-year ended Sep. 30, 1999 -3,511 (-) -4.01 Japanese GAAP
Half-year ended Sep. 30, 1998 -42,909 (-) -49.07 Japanese GAAP
Year ended Mar. 31, 1999 -54,211   -61.99  
(Notes) 1. Average number of shares issued for: the six-month periods ended Sep. 30, 1999 874,432,186shares
�@ the six-month periods ended Sep. 30, 1998 874,432,186shares
�@ the year ended Mar. 31, 1999 874,432,186shares
2.No change of accounting policies in this six-month periods

(2) Dividend
�@ Interim dividend per share Annual dividend per share
(yen) (yen)
Half-year ended Sep. 30, 1999 0.00  
Half-year ended Sep. 30, 1998 0.00  
Year ended Mar. 31, 1999   0.00

(3) 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 2,654,412 201,763 7.6 230.74
As of Sep. 30, 1998 3,037,395 214,050 7.0 244.78
As of Mar. 31, 1999 2,776,289 205,274 7.4 234.75
(Notes) 1. Number of shares issued as of: Sep. 30, 1999 874,432,186shares
�@ �@ Sep. 30, 1998 874,432,186shares
�@ �@ Mar. 31, 1999 874,432,186shares
2. Net unrealized gains (losses) on marketable securities: -31,178million yen
3. Unrealized gains (losses) on derivative instruments is -million yen

2. Projections for the year ending Mar. 31, 2000
�@ Sales Ordinary Income Net Income
Dividends per share
Year-end Annual
(millions of yen) (millions of yen) (millions of yen) (yen) (yen)
Year ending Mar. 31, 2000 6,500,000 21,500 6,000 - -
(Reference) Estimated net income per share:6.86

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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