Non-Consolidated Semiannual Financial Report


1.NON-CONSOLIDATED SEMIANNUAL FINANCIAL RESULTS
(APRIL 1, 1999 - SEPTEMBER 30, 1999)

(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, 1999

17,499 million yen (10.8%)

4,321 million yen ( 58.8%)

3,398 million yen (67.2%)
Six Months Ended
September 30, 1998

15,798 million yen (3.6%)

2,720 million yen (13.3%)

2,032 million yen (10.9%)
Year Ended
March 31, 1999

34,076 million yen

7,254 million yen

5,874 million yen

  Net Income (Percent Change)
Earnings per Share
(EPS)
Six Months Ended
September 30, 1999

1,714 million yen ( 27.3%)

59.93 yen
Six Months Ended
September 30, 1998

1,346 million yen ( 9.6%)

49.80 yen
Year Ended
March 31, 1999

3,668 million yen

131.86 yen
Accounting standard: Generally accepted accounting principles for semiannual financial statements
Notes 1: Average number of shares outstanding:
Six months ended September 30,1999:
Six months ended September 30,1998:
Fiscal year ended March 31,1999:
28,600,000
27,045,902
27,820,822
2: Changes in accounting methods: No


(2) DIVIDENDS
  Dividends per Share
Semiannual Annual
Six Months Ended
September 30, 1999

5.00 yen

-
Six Months Ended
September 30, 1998

5.00 yen

-
Year Ended
March 31, 1999

-

14.00 yen


(3) FINANCIAL POSITION
Total Assets
Shareholders' Equity
Shareholders' Equity
to Total Assets
Shareholders' Equity
per Share
Six Months Ended
September 30, 1999

126,427 million yen

24,708 million yen

19.5%

863.93 yen
Six Months Ended
September 30, 1998

129,443 million yen

20,709 million yen

16.0%

724.09 yen
Year Ended
March 31, 1999

130,554 million yen

22,887 million yen

17.5%

800.27 yen
Notes 1: Number of shares issued and outstanding: As of September 30, 1999:
As of September 30, 1998:
As of March 31, 1999:
28,600,000
28,600,000
28,600,000
2: Unrealized gains (losses) on marketable securities as of September 30, 1999: 41 million yen
3: Unrealized gains (losses) on derivative financial instruments as of September 30, 1999:
-1,996 million yen


2.FORECASTS FOR THE FISCAL YEAR ENDING MARCH 31, 2000
Revenue
From Operations
Ordinary Income
Net Income
Dividends per Share
Year End Annual
April 1, 1999-
March 31, 2000

37,800 million yen

7,300 million yen

3,900 million yen

11.00 yen

16.00 yen
[Reference] Estimated annual earnings per share: 136.36 yen