Results of 1st Half FY 2003

RNS Number:5635S
Nipro Corporation
27 November 2003


Consolidated Financial Statements                          November 25, 2003
For the Six Months Period ended September 30, 2003 
(Fiscal Year ending March 31, 2004)

Company name: NIPRO CORPORATION                Stock Exchange where liksted:
                                               Tokyo and Osaka
Code No:      8086                             Head Office: Osaka, Japan
(URL: http://www.nipro.co.jp/)
Representative: Minoru Sano, President and Representative Director
Contact:        Akihiko Yamabe, Director, General       TEL [phone]
                Manager of Accounting Division
Date of the meeting of the Board of Directors for approval of the financial
statements: November 25, 2003
Adoption of U.S. GAAP: No

1. Consolidated Results for the Six Months Period ended September 30, 2003
   (From April 1, 2003 to September 30, 2003)

(1) Consolidated Results of Operations                       
                              (Note: Amounts are rounded off per 1 million yen)
                         Net Sales         Operating Income   Recurring Income
                         (Millions   (%)   (Millions   (%)    (Millions   (%)
                         of yen)            of yen)            of yen)
Six Months Period ended    92,029    2.9     5,678    (23.1)    4,234    (23.0)
September 30, 2003
Six Months Period ended    89,408    6.7     7,386      8.0     5,500     (8.0)
September 30, 2002
Year ended March 31,      180,369           14,899             11,397
2003

                          Net Income          Earnings      Diluted Earnings
                                              per Share     per Share
                          (Millions     (%)   (Yen)         (Yen)
                          of yen)
Six Months Period ended    1,887      (27.2)    29.66              -
September 30, 2003
Six Months Period ended    2,592      (12.4)    45.06            41.03
September 30, 2002
Year ended March 31,       5,077                84.25            78.48
2003
Notes:  1.  Equity in losses of affiliate for the six months ended September 30,
            2003, 2002 and for the fiscal year ended March 31, 2003 was (486) 
            million yen, (342) million yen and (657) million yen, respectively.
        2.  The weighted average number of shares outstanding for the six months
            ended September 30, 2003, 2002 and for the fiscal year ended March 
            31, 2003 was 63,639,242 shares, 57,535,917 shares and 58,949,626 
            shares, respectively.
        3.  Change in accounting method: N/A
        4.  Percentages in the above table for Net Sales, Operating Income, 
            Recurring Income and Net Income represent  changes from the 
            corresponding period of the previous fiscal year.

(2) Consolidated Financial Position
                        Total Assets  Shareholders'f Ratio of       Shareholder'
                                      Equity        Shareholders'   Equity per
                                                    Equity to       Share
                                                    Total Assets
                        (Millions     (Millions         (%)            (Yen)
                        of yen)       of yen)
Six Months Period ended  267,283        87,129         32.6          1,369.33
September 30, 2003
Six Months Period ended  249,103        79,514         31.9          1,328.13
September 30, 2002
Year ended March 31,     252,847        83,532         33.0          1,310.72
2003 
Notes: The number of shares outstanding as of September 30, 2003, 2002 and March
       31, 2003 was 63,629,277 shares, 59,869,373 shares and 63,645,860 shares,
       respectively.

(3) Consolidated Cash Flows
                         Cash flows    Cash flows   Cash flows   Cash and
                         from          from         from         cash
                         operating     investing    financing    equivalents
                         activities    activities   activities
                         (Millions     (Millions    (Millions    (Millions
                         of yen)       of yen)      of yen)      of yen)
Six Months Period ended    6,679        (5,185)      12,949       43,909
September 30, 2003
Six Months Period ended    3,649       (14,387)       7,790       39,336
September 30, 2002
Year ended March 31,       5,453       (30,107)      11,469       29,393
2003

(4) Matters related to scope of consolidation and application of equity method
    Number of consolidated subsidiaries: 14
    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     Number of consolidated companies
    added:                            0  removed:                          0
    Number of companies accounted        Number of companies accounted for
    by the equity method added:       0  by the equity method removed:     0


2. Projections for the Consolidated Financial Results for the Fiscal Year
   ending March 31, 2004 (From April 1, 2003 to March 31, 2004)
                     Sales               Recurring Income      Net Income
                     Millions of yen     Millions of yen       Millions of yen
Year ending March        187,000                 9,200                4,150
31, 2004

(Reference) Projected Earnings per Share for the Fiscal Year ending March 31,
            2004: 63.48 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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