Good afternoon. This is Makoto Shibuya, CFO. Let me use Document 1, Financial Results for the Third Quarter and Full Year Forecast of Fiscal Year ending March 31, 2025, which is available on our website. Slide 4 is the summary for Q3. Consolidated profit for the period increased by JPY 900 million year-on-year to JPY 76.1 billion, which is 69% against a full-year forecast of JPY 110 billion. After Q2, we were at 40%. In Q3 alone, from October to December, we gained about 30%.
We are thus making steady progress toward achieving the full-year forecast. Core operating cash flow increased JPY 13.1 billion year-on-year to JPY 97.3 billion, coming to 75% of the full-year forecast. We are thus successfully generating profit accompanied by cash. Slide 5 shows the profit and loss summary. Gross profit increased by JPY 18.3 billion year-on-year to JPY 260.6 billion, which is 74% against the full-year forecast.
As shown in Slide 9, where we provide the breakdown by segment, gross profit decreased in Metals, Mineral Resources and Recycling due to declining coal prices, but increased in Automotive, Energy Solutions, and Healthcare and Retail and Consumer Service, thanks to newly consolidated operating companies. Aerospace, Transportation and Infrastructure, Chemicals, and Consumer Industry and Agriculture Business were also up, thanks to earnings growth in existing businesses. SG&A increased by JPY 22.9 billion year-on-year. About half is due to difference in consolidated subsidiaries. About 20% is due to the weaker yen. The risk comes from increased personal expenses, business development expenses, and other effects of inflation. For other income and expenses, which include one-time items, we booked gain on changes in equity resulting from the Sakura Internet public offering and gain on sales of overseas industrial parks.
But given the gain on negative goodwill recorded last year, there is not much year-on-year difference. For financial income and expenses, the net of interest earned and paid was negatively affected by higher interest rates, but not significantly. On the other hand, dividends received from non-equity method investments, including those related to industrial salt, increased so that net expenses decreased. Share of profit or loss of investments accounted for using the equity method increased year-on-year to JPY 30.5 billion. With all that, consolidated profits over a period came to JPY 76.1 billion. Slide 6 and 7 show the balance sheet summary. As shown on Slide 6, total assets increased by JPY 190 billion from the end of the previous fiscal year. This was mainly due to an increase in working capital in retail and aerospace-related businesses and the acquisition of new consolidated subsidiaries.
In addition, foreign currency translation of overseas operations had an upward impact of about JPY 20 billion. Total liabilities increased by about JPY 150 billion from the end of March, mainly due to an increase in funding commensurate with the increase in working capital. As with total assets, foreign currency translation of overseas operations had an impact too. Total equity attributable to owners of the company increased by JPY 34.4 billion to JPY 958.5 billion, even with the share repurchase and dividend payments. Slide 7 shows key management indicators and the forecast for the end of March. We have revised some figures in light of progress achieved so far and current foreign exchange rates. Slide 8 shows cash flow. Cash flow from operating activities was a net inflow of JPY12.2 billion. Working capital increased, but core operating cash flow more than offset that.
The increase in working capital came mainly from expenses related to defense systems and aerospace and an increase in inventories. Cash flows from investing activities were a net outflow of JPY 72.9 billion due to new investments. The resulting free cash flow was a net outflow of JPY 60.7 billion. Core cash flows have been kept in line with the cash flow management policy under the medium-term plan. Slide 9 to 11 shows a breakdown by segment for profit and loss-related results and outlook. I will not discuss Slide 9 and gross profit figures today except to mention that the consolidated Q3 gross profit stands at 74% of the full-year outlook revised after Q2. Slide 10 shows the year-on-year difference in profit for the period. Slide 11 shows the full-year forecast and the current outlook.
Now on Slide 10, profit increased year-on-year for Aerospace, Transportation and Infrastructure, Chemicals, and Consumer Industry and Agriculture Business. Aerospace, Transportation, and Infrastructure was up due to increased transactions for business jet and defense system-related businesses, earnings contribution from overseas industrial park business, and an asset sale. Chemicals was up thanks to the reaction to a one-time loss in the same period of previous year, increased transaction volume in overseas regional trading, and dividend income from industrial salt-related business. Consumer industry and agriculture business was up thanks to profit growth in overseas fertilizer business. On the other hand, profit decreased for metals, mineral resources and recycling, Retail and Consumer Service , and automotive. Metals, mineral resources and recycling was affected by the decline in market prices of coal.
Retail and Consumer Service was down despite earnings contribution from commercial food wholesaler business in Vietnam and solid performance in marine products and domestic retail businesses due to gains recorded in the previous year on negative goodwill and sale of domestic commercial property. Automotive was down despite earnings contribution from automobile sales business in Panama due to slow improvement in used car sales business in Australia and lower sales volume in the Americas. Slide 11 shows the full-year forecast and our current outlook by segment. Consolidated results after Q3 were at 69% of the JPY 110 billion full-year profit forecast, but the percentage achieved figures are rather low for automotive, metals, mineral resources and recycling, and Energy Solutions and Healthcare. Let me briefly explain each segment.
For automotive, we expect to achieve the full-year forecast with solid progress in our Latin American business, including Panama and Brazil, recovery in sales volume in the North American business, and moderate improvement in used car sales business in Australia. The used car sales business in Australia has been a cause of concern, but it is on track to become profitable in Q4. Aerospace, transportation, and infrastructure is expected to be generally in line with the forecast. For Energy Solutions and Healthcare, the percentage achieved figure may appear rather low, but we expect this segment to achieve the full-year forecast, with solid earnings continuing from the energy saving service business, strong earnings from the LNG business in Q4, and planned sale of some assets. For metals, mineral resources and recycling, earnings from coal, steel, and alumina smelting businesses are expected to increase.
On the other hand, for the coal business, we changed the assumption for coking coal price during the second half from $230-$200 after Q2, but market prices have fallen further since. In addition, there have been delays in the recovery of production and sales volumes and in improving production costs, so for the current year, we cannot be too confident. Chemicals has remained firm and may even exceed forecast. For consumer industry and agriculture business, the fertilizer business has been firm. For Retail and Consumer Service , although personal consumption in Vietnam has remained weak, marine products and domestic retail businesses have been firm, and we expect the segments to come in generally in line with forecast.
From Slide 12-15, the Sojitz Growth Story is shown. This time, Slide 12 introduces production and sales business of beef in Vietnam, and from Slide 13 to 15, acquisition of Australia's infrastructure developer, business model transformation and development of Katamari clusters announced on January 31. Firstly, as for production and sales of beef business in Vietnam, as we explained before, Sojitz and Vinamilk began full-scale operation of Vietnam's largest beef processing plant in December last year. We'll preemptively address needs in Vietnam's food market and lifestyle transformation, and with our partner in Vietnam's growing beef market, we'll maintain reliable supply of high-quality refrigerated beef under comprehensive frameworks encompassing everything from fattening to sales. The local team in Vietnam's consumer industry and agriculture business, and Retail and Consumer Service are taking the lead in a company-wide effort to expand this business by also connecting to our group's Vietnam retail chain.
Next, we'll introduce acquisition of Australia's major public infrastructure developer and the associated Sojitz Growth Story. Through this deal, we intend to transform and strengthen Sojitz business model further in essential infrastructure area, one of the focus areas of MTP, area of Energy Solutions and Healthcare and aerospace, transportation, and infrastructure. Today, Nishikawa, COO, Energy Solutions and Healthcare Division, will directly explain this initiative and its contribution to the division's growth strategy. COO Nishikawa, please.
This is Nishikawa of Energy Solutions and Healthcare Division. I'll briefly explain based on the signs as shown on Slide 13. On January 31, Friday last week, we signed a share purchase agreement to acquire shares in Capella Capital Partnership, Australia's major public infrastructure developer and related PPP investment platform. Total investment, including funds for share acquisition and planned investment in ongoing projects, will be about JPY 47 billion.
We plan to obtain the 90% share that we will own. We plan to obtain Australian regulatory approvals on executing investment. We have a track record of ¥ JPY 3.4 trillion of project amount in infrastructure development and more than 50% win rate in bidding. Capella is one of the largest Australian infrastructure developers. In the business and revenue model, Capella develops infrastructure business and makes investments to obtain success fee for project formation, asset management income, dividend income, and gain on sales from asset recycling. In the Australian market, as population and economy grow, many infrastructure development plans are expected. Using Capella's strengths, we'll advance business development and aim to acquire large-scale revenue. Next, on Slide 14, I'll briefly explain the aims of this investment. In infrastructure development, we partner with highly specialized developers called lead developers like Capella in business development.
As shown in the model, by acquiring lead developer functions through this acquisition, various effects and strong impacts can be expected as follows: increasing independence, business development and realization, acquisition of diverse and large-scale revenue that I mentioned earlier, improvement in profitability and capital efficiency through asset recycling, and human resource development through OJT from business development to operations. Lastly, on Slide 15, I'll give you a progress report on the path to the division's growth. To the participants of the division's briefing held at the end of November last year, we used this slide to show our vision for the next stage. More specific progress and the background ideas are added to the slide this time. As you see in the lower center, strategies for transformation and growth include themes such as acquisition of business creation foundation, investment in growth businesses, continuous investment, leveraging customer base, and pursuing synergies.
We assume majority ownership in development of new businesses, and specific initiatives along the theme as shown in number three, we are taking measures to expand renewable energy, electricity, and retail service business in Europe. As in number two, we are taking measures to reinforce and expand energy saving service business in the U.S. and Australia, and as a new initiative in number one, we acquired Capella to dramatically transform initiatives in infrastructure business. By growing these businesses further and examining and making additional investment in related businesses, we want to acquire earning power to generate more than JPY 40 billion of annual profit and develop human resources to promote even higher growth. That's all from me.
Under MTP 2026, while pursuing competitive advantages and unique capabilities to execute growth strategies, we set up the Kachi model to promote initiatives contributing to business model transformation, market development, and addition focusing on building business Katamari. Production and sales of beef business in Vietnam is an initiative for addition in Kachi model. The project in Australia is an initiative for transformation and addition of Kachi model. We continue to create attractive businesses our Sojitz Growth Story, meeting expectations of stakeholders. Next, going back to the material. Next, Slide 16 shows cash flow management, and Slide 17 shows progress of investments and asset replacement. Core operating cash flow has been generated well and progressing in line with the plan. New investments were JPY 63.5 billion for the nine months. Progress on cash outflow is slow, but including the projects introduced earlier, investments for various projects were decided.
Multiple projects are in the stage of final negotiation before cash outflow. New investment for FY24 are expected to be around JPY 120 billion. We are not in a situation where execution of investment planned in MTP 2026 is difficult. We would like to make those investments. We continue to manage cash flow based on the MTP policy. Slide 18 shows shareholder returns policy. Share buybacks are being implemented as we announced at the end of September last year. A DOE 4.5% is our dividend policy. I think feasibility of FY24 forecast as well as predictability of dividends for FY25 is enhancing. Slide 19 indicates results and assumption of commodity prices for the exchange rate and interest rate. Please refer to that. As detailed segment information is attached as Index 2 and supplemental data as Index 3. Please use them.
Lastly, as I explained earlier, profit for the nine months increased to 69% of the full-year forecast. Besides, we've been steadily taking actions to realize Sojitz Growth Story set out in MTP 2026. Although we cannot deny uncertainties in external environments, we'll make sure to achieve full-year forecast for FY24 firstly, and under cash flow management policy, we'll allocate generated cash to growth investment based on Kachi model and shareholder returns and continue to work on enhancement of sustainable business value and PER. That concludes my explanation.