Afternoon, this is Makoto Shibuya. In this briefing, I will be referring to the slide deck titled "Presentation Materials for Financial Results for the First Quarter Ended June 30th, 2025," which is available on our website. Slide four summarizes Q1 results. Consolidated profit for the period was JPY 21.1 billion, down JPY 1.9 billion from the same period last year. This is 18% against the full-year forecast of JPY 115 billion announced at the beginning of the financial year. We expect the split between the first half and second half to be 40%- 60%, and therefore Q1 results represent a solid start. Core operating cash flow was also solid at 22% against the full-year forecast. We will continue our pursuit of profit growth accompanied by cash. Before we discuss the breakdown by segment, let me first provide an overview of Q1 results.
While some segments, such as energy solutions and healthcare and chemicals, performed solidly, there were negative factors, including absence of one-time gains recorded in the previous year, decline in coking coal prices, and delayed recovery in automotive. With regard to the business environment, uncertainty remains, but the impact of U.S. tariffs has been limited so far. At this point in time, we expect to manage the impact within the JPY 5 billion buffer we factored in the initial forecast. That is why we have not made any change with regard to the full-year forecast in regard to this matter. Let me discuss further details starting from slide 5. Slide 5 is the P/L summary. Gross profit came down by JPY 2.7 billion from the same period a year ago to JPY 82.2 billion. Slide nine shows the breakdown by segment.
Metals, mineral resources, and recycling came significantly down due to the decline in coking coal prices. Automotive was also down, mainly due to the impact of U.S. tariffs on automotive sales business in Puerto Rico. Aerospace transportation and infrastructure and chemicals were also down year- on- year, but only due to the timing of revenue recognition, and we do not see it as a concern. Energy solutions and healthcare and retail and consumer service were up thanks to newly consolidated subsidiaries. Consumer industry and agriculture business was up due to increased sales volume at overseas fertilizer businesses, particularly in Thailand. SG&A increased by JPY 5.2 billion year- on- year, of which more than 80% came from changes in consolidated subsidiaries, including additions and reductions. The net share of profit and loss of investments accounted for using the equity method increased by JPY 2.2 billion year- on- year to JPY 10.8 billion.
For the LNG operating company, prices were lower, but production volume increased. With all that, consolidated profit for the period came to JPY 21.1 billion. Slide 6 is a summary of the balance sheet. Total assets increased by JPY 86.7 billion from the end of March to JPY 3,174 billion. The increase is mainly related to investments. Total liabilities increased by JPY 107.8 billion to JPY 2,187.5 billion. The increase was related to new borrowings and investments. Total equity attributable to owners of the company came to JPY 941.8 billion, down by JPY 27.2 billion. This is despite the profit due to dividend payments, share buyback, and the stronger yen. Slide 7 shows key financial indicators and the full-year forecast, which remains unchanged from the beginning of the financial year. Slide 8 shows cash flows.
Net cash flow from operating activities was an outflow of JPY 0.7 billion due to an increase in working capital despite an increase in core operating cash flow. Net cash flow from investing activities was an outflow of JPY 54.4 billion due to new investments. Net free cash flow was an outflow of JPY 55.1 billion. Slides 9- 11 show the breakdown by segment for P/L-related results and forecasts. Slide nine shows gross profit, which I have already discussed. Slide 10 shows the year-on-year comparison of profit for the period, and slide 11 shows the full-year forecast and where we currently stand. As shown on slide 10, profit for the period increased year- on- year for energy solutions and healthcare, chemicals, and consumer industry and agriculture business.
Energy solutions and healthcare was up thanks to new consolidation in energy saving service businesses, contribution from existing businesses, increased production volume at an LNG operating company, and asset replacement in solar power generation business. For chemicals, each business progressed steadily. Consumer industry and agriculture business was up thanks to increased sales volume in overseas fertilizer businesses, particularly in Thailand. On the other hand, profit for the period was down for metals, mineral resources, and recycling, automotive, and others. Metals, mineral resources, and recycling was affected by the decline in market prices in coal business. Automotive was down mainly due to the impact of U.S. Tariffs on automotive sales business of Hyundai cars in Puerto Rico. The decline in others comes from a reaction to the gain on change in equity associated with the public offering of Sakura Internet in the same period last year.
Slide 11 shows the current outlook against the full-year forecast by segment. Overall progress against the full-year forecast is 18%. By segment, progress is generally in line or above except for automotive and metals, mineral resources, and recycling. For aerospace transportation and infrastructure, aircraft-related and defense-related transactions are expected to remain solid. For energy solutions and healthcare, the progress rate may appear rather low, but we do not see it as a concern. Earnings from the LNG operating company and other businesses are second-half heavy, and we expect contribution from new investments as well. For chemicals, in addition to the solid performance of existing businesses, we expect contribution from the recent investment in Nippon A&L Inc. in June. For consumer industry and agriculture business, earnings from overseas fertilizer businesses tend to concentrate in the first half.
For retail and consumer service, while the recovery in consumption in Vietnam needs to be closely monitored, as in last year, we expect contribution from solid domestic retail businesses as well as from marine products-related businesses. We take a slightly bearish view on automotive and metals, mineral resources, and recycling. For automotive, we anticipate earnings contribution from businesses in Latin America, such as automotive sales business in Panama. Australian used car business was loss-making in Q1, but store profitability is improving, and we continue to focus on break-even for the full year. As I said earlier, U.S. tariffs are negatively impacting automotive sales business in Puerto Rico, and continuous monitoring is necessary. For metals, mineral resources, and recycling, the Australian coal business is impacted by market prices, and production volume is not increasing. We will continue to focus on strengthening production capacity.
Please refer to slide 12 for the status of cash flow management and slide 13 for investments and asset replacement. Under Medium-term Management Plan (MTP 2026), which started in April last year, we aim for creating the Sojitz growth story and focus on the creation of distinctly attractive Sojitz revenue-generating clusters of businesses Katamari. We want to enhance expectations for growth and PER by sharing the process with all stakeholders. To accelerate the creation of the Sojitz growth story, continuing from last year, we are focusing on the expansion of new investments and enhancement of existing businesses. For new investments, as shown on slide 13, we steadily executed investments contributing to future growth. In FY 2025, the second year of MTP, we intend to accelerate structural reform further in underperforming businesses to enhance existing businesses.
Today, we highlight three examples of the Sojitz growth story, starting with chemical businesses on slide 15. In our chemical businesses, we have been creating value for customers and strengthening businesses by predicting supply chain changes and making various proposals to a broad customer base. As a result of these initiatives to enhance trade functions, we achieved profit growth exceeding JPY 10 billion compared to pre-COVID-19. Besides, in June this year, we acquired Nippon A&L Inc. as a consolidated subsidiary. The company is engaged in the manufacturing, sales, and R&D of resin for automotive and home appliances and materials using lithium-ion batteries and paper coatings. We have been working together with the company since more than 20 years ago in trading of materials for lithium-ion batteries in particular.
Through this new investment in areas of expertise, we will expand into manufacturing and other new fields and create new trading opportunities to reinforce the earnings base and power further. Our paths to success in chemical businesses are clear. By achieving and strengthening many paths, we will achieve a target profit of JPY 30 billion in the next stage immediately. Next, slide 16 shows the Sojitz growth story in aviation-related business. For nearly 70 years, since 1956, as an agency for commercial aircraft Boeing, we have delivered over 1,000 aircraft to domestic airlines. Also, as an agency for Western defense manufacturers, we have been dealing with defense equipment for a long time, contributing to Japan's national security.
By leveraging information-gathering ability and foresight in identifying needs backed by a longstanding industry network and highly specialized human capital, through collaboration with the aviation industry, we are expanding into new domains such as asset business, including leasing operations, business, including business jet operations, airport and other infrastructure business, and services business, including deluxe and in-flight catering. Recently, business jet operations launched in 2003 provide trading support, operation management, and charter services, and have become able to generate profit of more than JPY 1 billion. The other day, we announced the start of a co-ownership service for business jets that meets customer needs. We are expanding the business further. We will create the Sojitz growth story by forecasting changes in the aviation market and creating new value and revenue opportunities with the foundation of accumulated history and results.
On slide 17, automobile sales business in Panama is shown as a Sojitz growth story in the automotive business. In the automobile sales business, we need to change our strategy continuously according to the strategy of automobile manufacturers or market characteristics. One of our current paths to success is to develop a competitive position by providing lots of added value, such as services based on our expertise and concentrating resources in high-potential niche markets. This is being realized in the automobile sales business in Panama. The results achieved in the Hyundai brand vehicle sales business in Puerto Rico and the manufacturers' confidence in our business foundation and business development capability to start the automobile sales business in Panama, leveraging expertise and human capital in niche markets, led to this new investment.
The growth story in this business domain is to build a deepened value chain covering import retail service, used car sales, sales finance, logistics, and insurance to increase earning power further. We will expand into businesses in which we can follow the path to success. Please refer to slide 18 onwards for commodity prices, holding exchange, and interest rates, shareholder returns policy, segment information, and supplemental information. Lastly, once again, Q1 overall results were almost in line with the forecast. Although the impacts of U.S. tariffs are partially felt, I think we can manage the impacts with an initially incorporated minus JPY 5 billion. Although there are many points requiring continued monitoring due to tariffs and from geopolitical viewpoints, we work on initiatives towards two times growth, net profit JPY 200 billion, ROE 15%, and market cap JPY 2 trillion for the next stage. I would appreciate your continued understanding and support.
That concludes my presentation.