Interim Results

RNS Number:6360F
Nipro Corporation
25 November 2004

Consolidated Financial Statements
                                                             November 25, 2004

For the Six Months Period ended September 30, 2004
(Fiscal Year ending March 31,2005)

Company name: NIPRO CORPORATION    Stock Exchange where listed:Tokyo and Osaka
                                                   Head Office:Osaka, Japan
Code No: 8086
(URL: http://www.nipro.co.jp/)
Representative: Minoru Sano, President and Representative Director
Contact:        Akihiko Yamabe, Director, General Manager of Accounting
                                          & Corporate Planning Division
                                                     TEL [phone]

Date of the meeting of the Board of Directors for approval of the financial
statements: November 25, 2004
Adoption of U.S. GAAP: No

1.Consolidated Results for the Six Months ended September 30, 2004
(From April 1 to September 30, 2004)
(1) Consolidated Results of Operations
                             (Note: Amounts are rounded off per 1 million yen)
                Net Sales          Operating Income      Recurring Income

                Millions of   %     Millions of   %       Millions of     %
                yen                 yen                   yen

 Six months
 ended Sept.
 30, 2004          95,683    4.0          6,019    6.0           5,589   32.0

 Six months
 ended Sept.
 30, 2003          92,029    2.9          5,678  (23.1)          4,234  (23.0)

 Year ended
 March 31,
 2004             188,700    4.6         12,557  (15.7)          9,539  (16.3)


                Net Income         Earnings per Share   Diluted Earnings
                                                        per Share

                Millions of    %          Yen                 Yen
                yen
 Six months
 ended Sept.
 30, 2004            3,776    100.1       59.37                -

 Six months
 ended Sept.
 30, 2003            1,887   (27.2)       29.66                -

 Year ended
 March 31,           4,216   (17.0)       64.90                -
 2004

 Notes:1.Equity in losses of affiliate for the six months ended September 30,
         2004, 2003 and for the fiscal year ended March 31, 2004 was (382)
         million yen, (486) million yen and (771) million yen, respectively.
       2.The weighted average number of shares outstanding for the six months
         ended September 30, 2004, 2003 and for the fiscal year ended March 31,
         2004 was 63,607,103 shares, 63,639,242 shares and 63,631,774 shares,
         respectively.
       3.Change in accounting methods: N/A
       4.Percentages in the above table for Net Sales, Operating Income,
         Recurring Income and Net Income are based on the previous interim
         period.

(2) Consolidated Financial Position

               Total Assets   Shareholders'   Ratio of        Shareholder'
                              Equity          Shareholders'   Equity per
                                              Equity to       Share
                                              Total Assets

                 Millions of    Millions of        %              Yen
                 yen            yen

 Six months
 ended Sept.
 30, 2004            283,150        93,652        33.1           1,472.64

 Six months
 ended Sept.
 30, 2003            267,283        87,129        32.6           1,369.33

 Year ended
 March 31,      
 2004                279,701        94,711        33.9           1,487.50

 Note:1.The number of shares outstanding as of September 30, 2004, 2003 and
        March 31, 2004 was 63,594,527 shares, 63,629,277 shares and 63,613,567
        shares,respectively.

(3) Consolidated Cash Flows

              Cash flows        Cash flows       Cash flows       Cash and cash
              from operating    from investing   from financing   equivalents
              activities        activities       activities

              Millions of       Millions of      Millions of      Millions of
              yen               yen              yen              yen
Six months
ended Sept.
30,2004            7,494             (4,772)           4,774           49,825

Six months
ended Sept.
30,2003            6,679             (5,185)          12,949           43,909

Year ended
March 31,
2004              15,432            (12,786)          10,400           42,228

(4) Matters related to scope of consolidation and application of equity method
    Number of consolidated subsidiaries: 15
    Number of unconsolidated subsidiaries accounted for by the equity method: 0
    Number of affiliate company accounted for by the equity method: 1

(5) Change of reporting entities
    Number of consolidated companies                        Added: 1 Removed: 0
    Number of companies accounted for by the equity method  Added: 0 Removed: 0

2. Projected Consolidated Financial Results for the Fiscal Year ending
   March 31, 2005(From April 1, 2004 to March 31, 2005)

                   Net Sales          Recurring Income    Net Income
                   Millions of yen    Millions of yen     Millions of yen
Year ending March
31,2005                    194,000             10,900               6,300

(Reference) Projected Earnings per Share for the Fiscal Year ending March 31,
            2005: 99.07 yen

* The projections shown above are prepared based on information available as of
  the issuing date of this report.  The actual results may differ from the
  projected figures due to various factors.



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