Non-Consolidated Semiannual Financial Report


1.NON-CONSOLIDATED SEMIANNUAL FINANCIAL RESULTS
(APRIL 1, 1998 - SEPTEMBER 30, 1998)

(1) OPERATING RESULTS
Note: All figures less than one million yen have been rounded down in this report.
Revenue From Operations
(Percent Change)
Operating Income
(Percent Change)
Ordinary Income
(Percent Change)
Six Months Ended
September 30, 1998
15,798 million yen
(3.6%)
2,720 million yen
( 13.3%)
2,032 million yen
(10.9%)
Six Months Ended
September 30, 1997
15,245 million yen
(-9.0%)
2,402 million yen
(-23.6%)
1,832 million yen
(-10.9%)
Year Ended
March 31, 1998
33,352 million yen 5,565 million yen 4,583 million yen

Net Income
(Percent Change)
Earnings per Share
(EPS)
Six Months Ended
September 30, 1998
1,346 million yen ( 9.6%) 49.80 yen
Six Months Ended
September 30, 1997
1,229 million yen ( 21.3%) 49.18 yen
Year Ended
March 31, 1998
2,383 million yen 95.35 yen
Accounting standard: Generally accepted accounting principles for semiannual financial statements
Notes 1: Average number of shares outstanding:
Six months ended September 30,1998:
Six months ended September 30,1997:
Fiscal year ended March 31,1998:
27,045,902
25,000,000
25,000,000
2: Changes in accounting methods: Yes


(2) DIVIDENDS
Dividends per Share
Semiannual Annual
Six Months Ended
September 30, 1998

5.00 yen

-
Six Months Ended
September 30, 1997

0.00 yen

-
Year Ended
March 31, 1998

-

10.00 yen


(3) FINANCIAL POSITION
Total Assets Shareholders' Equity Shareholders' Equity
to Total Assets
Shareholders' Equity
per Share
Six Months Ended
September 30, 1998
129,443 million yen 20,709 million yen 16.0% 724.09 yen
Six Months Ended
September 30, 1997
126,412 million yen 14,524 million yen 11.5% 581.00 yen
Year Ended
March 31, 1998
135,253 million yen 15,679 million yen 11.6% 627.17 yen
Notes 1: Number of shares issued and outstanding: As of September 30, 1998:
As of September 30, 1997:
As of March 31, 1998:
28,600,000
25,000,000
25,000,000
2: Unrealized gains (losses) on marketable securities as of September 30, 1998: 25 million yen
3: Unrealized gains (losses) on derivative financial instruments as of September 30, 1998:
-2,640 million yen


2.FORECASTS FOR THE FISCAL YEAR ENDING MARCH 31, 1999
Revenue From Operations Ordinary Income Net Income Dividends per Share
Year End Annual
April 1, 1998-
March 31, 1999
35,000 million yen 5,500 million yen 3,500 million yen 9.00 yen 14.00 yen
[Reference] Estimated annual earnings per share: 122.38 yen
Note: Breakdown of Dividends per Share: Year End: 9 yen (Ordinary Dividend 5 yen, Commemorative Dividend 4 yen)
Annual: 14 yen (Ordinary Dividend 10 yen, Commemorative Dividend 4 yen)