Good afternoon. My name is Jaeyong Lee, and I am the CSO of OCI Holdings. Thank you for joining our earnings call of the third quarter of 2024. I will present with the materials posted on our website. Page six, let's begin by reviewing the consolidated financial results for the third quarter. For quarter three, OCI Holdings reported consolidated sales of approximately 909 billion KRW and an operating income of 21 billion KRW. Compared to the previous quarter, this represents a decrease of 4% in sales and a significant decline of 77% in operating income. The main reasons for the decline in earnings compared to the previous quarter include the underperformance of OCIM's solar-grade polysilicon business and increased costs in our urban development project. As shown in the earnings analysis by subsidiaries on the bottom right, OCIM's sales and operating income have decreased significantly.
Additionally, the increased construction costs of KRW 38.6 billion from DCRE were reflected in Q3, resulting in a shift to an operating loss. Page seven is the consolidated statement of financial position. At the end of the third quarter, we hold assets of KRW 7.93 trillion and liabilities of KRW 3.79 trillion. Both assets and liabilities increased compared to the previous quarter. The main reason for the increase in assets was the increase in current assets due to OCIM's inventory and non-current assets from CapEx investment. Despite the decrease in borrowing, the debt ratio increased due to the increase in account payables related to urban development construction and the receipt of long-term advance payments from OCIM customers. Stepping on page eight, I will explain the earnings by each major subsidiary. Page eight is OCIM.
Uncertainties related to the AD/CVD investigations in four Southeast Asian countries have led to a decline in operating rates among our key customers located in those countries. This has resulted in a loss of sales volumes for our non-China polysilicon. Looking ahead to Q4, we anticipate that our customers' operating strategy will become visible following the outcome of the presidential election and the AD/CVD tariffs result. Nonetheless, we expect to see a demand recovery for non-China polysilicon for the U.S. utility project in 2025. Page 9, for OCI Enterprises, both revenue and operating income increased and turned profit. In fourth quarter, we will conclude the sale of another 206-megawatt solar project, and with additional projects in OCI Energy's pipeline, we expect to secure stable revenues moving forward. Page 10 is the earnings from OCI SE, a cogeneration power plant.
In third quarter, as the System Marginal Price increased, both sales and operating income improved. Q3 sales reflected both increases in new steam supply and RECs, while falling raw material prices helped profitability. Page 11 is the result of DCRE, the urban development project. In Q3, as mentioned in the consolidated earnings part, DCRE turned the loss due to the recognition of additional construction cost of KRW 37.6 billion, settled with construction consortium for the pre-sold complexes. Fortunately, the pre-sale of phase IV, phase VI, was successfully completed, and we are set to begin recognizing related revenue. Page 12. Finally, regarding OCI's performance, they announced their results yesterday, and I encourage you to refer to the relevant materials for detailed information. Next, moving on to management update, I will briefly explain solar value chain trends and U.S. solar market impacting our polysilicon business. Page 14.
In brief, the solar market continues to face challenges due to oversupply from China. The third quarter saw a decline in transaction volumes and falling prices, while end demand remained weak compared to supply. In Q3, both China and non-China spot price indexes remained stable, while prices in China saw a slight increase. Due to uncertainties surrounding anti-dumping duties in the U.S. on solar products from four Southeast Asian countries, major solar manufacturers in that region are continuing with operation suspension while maintaining limited operation strategy. As for the U.S. solar market, imports of solar panels from the four Southeast Asian countries decreased in the third quarter. However, low-cost solar modules continued to grow in the U.S. market, and along with accumulated inventory, prices for U.S. modules continued to decline. From page 16, you can refer to updates for major subsidiaries.
Page 16 is about the growth of ERCOT, electricity market in Texas, where OCI Enterprise is located. Page 17 is about OCI Energy's solar business strategy and project pipelines. Page 18 details of OCIM's investments that are progressing despite short-term headwinds. Page 20 shows the pre-sale result for DCRE, page six. The last page, the page 21. For the last, I will highlight on our strengths on shareholder returns. The KRW 40 billion worth of treasury shares purchased in the second quarter was retired on October 18th, and the KRW 20 billion purchase under a new trust agreement is currently underway. We will complete this KRW 20 billion buyout within the fourth quarter. OCI Holdings plans to continue its proactive shareholder return policy, including additional treasury share purchases based on a stable financial structure. This concludes our third quarter earnings presentation.
If you have any questions related to the result, please reach out to our IR team. Thank you for joining. Have a nice evening. Thank you.