3rd Quarter Results

Maruwa Co Ld
07 February 2003

                                                               7 February 2003


MARUWA CO., LTD.

3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN

FOR IMMEDIATE RELEASE


Nagoya- MARUWA CO., LTD. today announced its consolidated business results for
the third quarter of fiscal 2003, the three-month period ended 31 December, 2002 
is as follows;-

Note: statements of income are unaudited.


  1. Financial highlights                                                                  JPY million                
                                     Current 1st - 3rdQt          Previous 1st - 3rd Qt        Changes                
                                     from 1st Apr. 2002            from 1st Apr. 2001                                   
                                      to 31st Dec. 2002             to 31st Dec. 2001                                   
                                     Amount    % per sales         Amount   % per sales         Amount           %    
  Net sales                           7,875         100.0%          7,422        100.0%            453        6.1%    
  Cost of sales                       6,079          77.2%          5,838         78.7%            241        4.1%    
  Gross profit                        1,796          22.8%          1,584         21.3%            212       13.4%    
  Selling, general &                  1,495          19.0%          1,609         21.7%           -114       -7.1%    
  administrative expenses                                                                                             
  Operating income                      301           3.8%           (25)         -0.3%            326          --    
  Other income                           10           0.1%            145          2.0%           -135      -93.1%    
  Net income                            154           2.0%           (87)         -1.2%            241          --    
                                                                                                                      
  2. Sales breakdown                                          JPY million                                             
                                Current 1-3   Previous 1-3        Changes     Changes %                               
                                         Qt             Qt                                                            
  Circuit Ceramics                    3,488          2,783            705         25.3%                               
  Machinery Ceramics                  1,021            863            158         18.3%                               
  Radio Frequency Products            1,017            839            178         21.2%                               
  EMC Components                      2,349          2,937           -588        -20.0%                               
  Total                               7,875          7,422            453          6.1%                               
                                                                                                                      
  3. Current annual trend - Sales breakdown                                                                           

                               Fiscal 2002                   Fiscal 2003                                              
                                     3rd Qt         4th Qt         1st Qt        2nd Qt         3rd Qt        % to    
                                                                                                             total    
                                                                                                             sales    
  Circuit Ceramics                      577            970          1,194         1,157          1,137       46.5%    
  Machinery Ceramics                    298            418            326           407            288       11.8%    
  Radio Frequency Products              303            271            421           334            262       10.7%    
  EMC Components                        874            852            856           735            758       31.0%    
  Total                               2,052          2,511          2,797         2,633          2,445      100.0%    
                                                                                                                      




4. Summary of the 3rd quarter business environment

The consolidated net sales for the third quarter of fiscal 2003 increased 19% to
2,445 million yen, compared with the third quarter of the previous year, due to
firm recovery of the sales of Circuit Ceramics for PCs and digital appliances in
the Asian markets.  EMC components have been in severe cost-pressure in digital
cameras market in overseas, while the domestic power supply market shows a
gradual recovery trend.  Radio Frequency Products are in a growth phase in the
fourth quarter, due to the end of inventory adjustments in Asian market, which
affected the sales adversely in the third quarter.  

The profits increased slightly, compared with the third quarter of the previous
year, resulting in a solid recovery regarding the cumulative total, compared
with the previous year.  The profits for the third quarter were below slightly
the plan. Both sales and profits for the three-month period of the forth
quarter, however, are anticipated to meet the plan  since the stability in the
sales of Circuit Ceramics and an upturn in Radio Frequency Products are
expected.

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