I'm Taguchi of Finance Unit. I'll explain the outline of financial results for the third quarter of FY 2024. Please turn to Page 4. Highlights of the third quarter. Due to onshore EPC Tangguh LNG CCUS Project in Indonesia awarded in December, we achieved progress of 80% in orders intake toward the target for this fiscal year. However, we revised the full-year earnings focus due to additional cost recognition, among others. Major factors are described here. In Taiwan LNG Terminal, due to delay in delivery of construction sites, we had to revise the launch time and booked additional costs caused by a substantial extension of the schedule. In Saudi Arabia, financial position of a local subcontractor deteriorated, and delayed payment of wages and strikes took place, and we reviewed the scope of a subcontractor and replaced it in two projects, recording additional costs to change plan and respond to risks.
In LNG projects in Canada, to accelerate works in the final phase toward the completion of construction, we mobilized additional skilled construction workers, and construction costs increased. This led to a decrease in expected profit for this fiscal year. Finally, mainly in Japan, final investment decisions for new projects were permanently delayed, and engineers' operating rate went down compared to the initial forecast, and profit decreased from the plan. These factors for decrease in profit were reflected in the Q3 results, and based on this decrease, we revised down the full-year forecast. Please turn to Page 5. This Slide shows consolidated income statement for nine months. Net sales were JPY 604.1 billion, almost flat year on year, and gross profit was JPY 3.1 billion, down by 90% year on year. Operating loss was JPY 19.2 billion, and ordinary profit was JPY 0.1 billion due to no operating income.
The loss attributable to owners of parent was JPY 3.9 billion. Please turn to Page 6. In Total Engineering business, net sales were JPY 561.3 billion, remaining flat year on year. The segment loss was JPY 19.8 billion. Major reasons include provisions for loss along with a budget review in LNG terminal project in Taiwan, response to a subcontractor in two projects in Saudi Arabia, reversal of order profit in the previous year along with a budget review in LNG project in Canada, and loss on cost difference with a lower operating rate. Other projects for which provisions for loss were recognized in the previous year have been progressing within the initial budget. We are steadily implementing measures to strengthen human resource management and review the strategy of overseas group companies. In Functional Materials Manufacturing Business, both net sales and profit increased.
Net sales were JPY 39.7 billion, and segment profit was JPY 5.8 billion. Fine Chemicals Products and Fine Ceramics Products are key drivers in recovery. Others and Adjustments are as shown here.
Slide 7 shows the market environment. In the Total Engineering business, many capital investment plans are still continuing in the market. However, clients remain cautious in making investment decisions due to rising costs and other reasons. In the Functional Materials Manufacturing Business, the fine chemicals and the fine ceramics sectors are showing signs of recovery. Now, please look at Slide 8. The new contracts for the Total Engineering business for the third quarter were JPY 416.5 billion. During the three months of the third quarter, overseas had change orders for the ongoing projects. For domestic, we received orders for maintenance-related projects. The Tangguh LNG CCUS Project awarded in December for Indonesia is scheduled to be recorded in the fourth quarter, so the amount is not yet included in this figure. Slide 9 shows the outstanding contracts.
The outstanding contracts as of the end of December were JPY 1 trillion and 162 billion. By business area, LNG accounted for 42%, oil and gas for 36%, and by region, the Middle East accounted for 58%. Slide 10 shows the consolidated financial position. Total assets went down JPY 15.9 billion from the beginning of the fiscal year to JPY 776.3 billion. Total net assets down by JPY 7.9 billion to become JPY 379.8 billion. The equity ratio was 48.7%, the same level as at the beginning of the fiscal year. Please look at Slide 12. This is the full-year earnings forecast. We revised our forecast. Taken in account a JPY 41 billion decrease in gross profit to JPY 17 billion and JPY 1 billion saving in SG&A expenses, operating profit is down JPY 40 billion to a loss of JPY 14 billion.
Ordinary profit is down JPY 28 billion to a positive JPY 6 billion after reviewing the increase in interest income and foreign exchange loss and profit. Profit attributable to owners of parent is down JPY 27 billion to a loss of JPY 4 billion. We are assuming an exchange rate of 150 yen to the U.S. Dollar for the fourth quarter. There is no change in the dividend per share at JPY 40. Finally, Slide 13 shows a forecast by segment. In the Total Engineering business, segment profits are expected to decline by JPY 42 billion, resulting in a loss of JPY 16 billion. We have factored in negative factors such as new loss provision for the Taiwan LNG terminal project, additional loss provision for the Saudi Arabian projects, a decrease in the expected profit due to the anticipated additional expenses for LNG Canada, as well as the cost variance loss.
In the Functional Materials Manufacturing Business, we revised up our forecast, taking into account the progress made up to the third quarter. This concludes the summary of the financial results explanation.
I am Sato. As Taguchi explained, we announced the downward revision of the full-year forecast for FY 2024. As for the causes for the downward revision, as Taguchi explained before, in addition to the delayed FID of the project expected to be awarded, deterioration of expected profitability of the four EPC projects that JGC Corporation and overseas subsidiaries were executing also impacted. Considering the situation that led to downward revision for two consecutive years triggered by EPC projects, and in view of clarifying the management responsibility in EPC project execution, President Ishizuka offered to resign the president and representative director as of the end of March this year. We had a thorough discussion in the Nomination Committee, and the Board of Directors approved his offer.
In the new management structure, I will lead the entire management of the JGC Group as Representative Director, Chair, President, and CEO as of April 1, 2025, and Mr. Terajima, current Senior Executive Vice President and CFO, will be appointed as Representative Director, Senior Executive Vice President, and CFO, effective on the same date. My mission is to recover the current business of JGC Group first and find a path for the mid to long-term growth. I am determined to make my utmost effort. In JGC Corporation for the overseas EPC business, Mr. Yamada, current Representative Director, Senior Executive Vice President, will assume the office of Representative Director and President. Mr. Sakurai, who is currently leading business development and marketing division as Senior Executive Officer, will be Senior Executive Vice President. He and Mr. Satoshi Sato, Senior Executive Vice President, will support new President Yamada.
Under three top management of President Yamada and Vice President Sato and Sakurai, six senior executive officers with rich EPC project experiences will lead management and execution of EPC projects. Current President Mr. Farhan Mujib will complete the five-year term and resign from the office of representative director and president as of March 31, 2025, and hand over his job serving as director and advisor, and after the ordinary general shareholders' meeting of JGC Corporation scheduled for June 18, he will leave the board and resign as advisor as of the end of June.
JGC Japan, which is responsible for the domestic EPC business, will remain in its management structure led by President Yamaguchi. As for the future management structure for the EPC business, I believe that the strong culture of completion and the philosophy of risk management that Mr. Ishizuka has built up so far have been firmly instilled and handed down into the executives and employees of the EPC business companies, JGC and JGC Japan, so the new management team and our strong organizations will further make it possible. Therefore, the future management structure of the EPC business will remain unchanged from the philosophy of the JGC Holdings when it became a holding company, and I, as CEO, will continue to lead the company with the primary role of defining the group's management strategy and optimally allocating management resources.
Under my direction, the overseas EPC business will be managed by JGC President Yamada, and the domestic business will be managed by JGC Japan President Yamaguchi. As I have stated before, JGC will have six managing executive officers with experience as EPC project managers, and they will provide solid support to President Yamada and Executive Vice President Sato and Sakurai, creating a management structure that will lead the management and execution of overseas EPC projects. Until now, the execution of individual EPC projects has been handled by both JGC and JGC Japan, and Ishizuka and I have taken the lead in strengthening governance.
For example, JGC Holdings has been effectively involved in project selection, risk assessment, cost estimation, and determination of terms and conditions for major EPC projects, and we have thoroughly implemented a system of reporting to JGC Holdings and instruction to be provided in the early stage of the project's execution. Even after Mr. Ishizuka's retirement, we will continue this governance system and improve its effectiveness by reviewing and further strengthening it as necessary. Finally, Mr. Ishizuka once retired in 2014, but I asked him to return as president in 2017, and since then, he demonstrated his strong leadership and paved the way for the completion of the Kuwait refinery project and the U.S. Ethylene Project, which were unprofitable projects at that time.
Furthermore, he has taken the lead in winning orders for the large-scale EPC projects such as the Mozambique Floating LNG Project and LNG Canada Project, making an extremely significant contribution to bringing great benefits to the JGC Group. In particular, in terms of the EPC project management, we are extremely grateful for his strong efforts he made to raise risk sensitivity, including changing the mindset of executives and employees and reforming risk profiling methods, with a strong belief in putting himself into the center of risk matters. I would like to ask all the shareholders and investors for your continued support and encouragement of the JGC Group. This concludes my portion.