Thank you very much for joining us today despite your busy schedule. On behalf of Toray Group, I would like to take this opportunity to extend my gratitude towards your continued understanding and your interest in our management and business activities. Now, I would like to report Toray's business results for the Q2, ending September 30, 2023, and the business results for the fiscal year ending March 2024. Now, I would like to follow the table of contents shown on page one. I would like to begin with a brief summary of business results for the Q2, ending September 30, 2023. Please turn to page three. Consolidated revenue for the Q2 decreased 4.9% compared with the same period a year earlier, to JPY 1,199.4 billion.
Core operating income decreased 10.6% to JPY 48.7 billion, and profit decreased 51.2% to JPY 28.9 billion. Page four is about special items. Special items for the Q2 worsened by JPY 23.6 billion to -JPY 4.2 billion, compared with the same period of the previous fiscal year. Page five is about assets, liabilities, equity, and free cash flow. As for financial condition at the end of September 2023, both assets and liabilities were affected by the increase in translated yen amounts of overseas subsidiaries because of the depreciation of the yen.
Total assets stood at JPY 3,416.3 billion, up JPY 222.3 billion from the end of the previous fiscal year, due primarily to an increase in trade and other receivables, inventories, and tangible fixed assets. Total liabilities increased JPY 59.7 billion from the end of the previous fiscal year to JPY 1,617.9 billion, owing mainly to increases in borrowings. Total equity rose by JPY 162.6 billion, compared with the end of the previous fiscal year, to JPY 1,798.4 billion. Owner's equity was JPY 1,693.3 billion. Interest-bearing liabilities was JPY 986 billion, and the DE ratio was 0.58.
Free cash flow was positive at JPY 8.3 billion. page six explains about the capital expenditures, depreciation and amortization, and R&D expenditures. Capital expenditures for six months increased by JPY 12.8 billion to JPY 55.1 billion on a year-to-year comparison. Meanwhile, depreciation and amortization increased by JPY 0.1 billion to JPY 65 billion. R&D expenditures decreased by JPY 0.1 billion to JPY 32.8 billion compared with the same period of the previous fiscal year. The table on page seven describes revenue and operating income by segment. In addition, the graph on this page shows the factor analysis of JPY 5.8 billion decrease in operating income for the six months on a year-to-year comparison.
The difference in quantity was -JPY 10.1 billion, due to decrease in production and sales volume, mainly in performance chemicals segment. The net change in price was +JPY 11.7 billion, due to the falling raw material prices compared with the same period of the previous fiscal year. Cost variance, et cetera, was -JPY 7.8 billion, mainly due to increase in fixed costs. Using page eight and after, I would like to explain the results of each segment. First, fibers and textiles. Revenue of the overall segment decreased 5.5% to JPY 481.2 billion, compared with the same period a year earlier, and operating income increased 13.9% to JPY 27.2 billion.
Apparel applications were impacted by the worsening market conditions in the U.S. and Europe, but the trading subsidiaries in Japan performed strongly. Hygiene material applications were sluggish due to the worsening supply/demand balance. Industrial applications witnessed a continued demand recovery trend in automobile applications, and there was improvement in the spread from the price decline of natural gas, et cetera, in Europe. page nine is the performance chemicals segment. Revenue decreased 8.5% to JPY 433.1 billion, compared with the same period a year earlier, and operating income decreased 42.2% to JPY 14.5 billion. I would like to explain the conditions of each business on the next page. In the resins and chemicals businesses, the resins business was weak, given the impact of demand declines in the Chinese markets and other factors.
In the films business, demand declined due to inventory adjustment in supply chains for electronic parts. In the electronic information materials business, demand for OLED related materials and circuit materials show some recovery. page 11 is the carbon fiber composite materials segment. Revenue increased 0.8% to JPY 141.1 billion compared with the same period a year earlier, and the segment posted a core operating income of JPY 7.6 billion, 35.9% increase from the same period a year earlier. I would like to explain the status of each application on the next page. In the aerospace applications, the production rate of commercial aircraft at the major customer showed a recovery trend. The sports applications were slow due to the full-fledged inventory adjustments, mainly in general purpose products for outdoor leisure.
In the industrial applications, in regular tow, demand for pressure vessels expanded with the rise of environmental awareness, while in large tow, wind turbine blade application has entered into an adjustment phase. page 13, in the environment and engineering segment, revenue increased 5.2% to JPY 111.5 billion compared with the same period a year earlier, and the core operating income increased 23.3% to JPY 10.2 billion. In the water treatment business, shipment to the U.S. and China, the two major markets for reverse osmosis membranes, was strong. Further, sales of our construction subsidiary in Japan was also strong. page 14 is the life science segment.
Revenue decreased 4.3% to JPY 24.8 billion compared with the same period a year earlier, and core operating income decreased by JPY 0.9 billion to -JPY 0.5 billion. In the pharmaceutical business, sales of oral antipruritic drug, REMITCH, were affected by the introduction of its generic versions and the NHI drug price revision, and sales of orally active prostacyclin derivative, DORNER, were affected by inventory adjustments overseas. In the medical devices business, sales of dialyzers were affected by the soaring prices of raw materials and fuels. page 15 shows the business results of major subsidiaries and regions. At Toray International, sales of fibers and textiles, resins, chemicals, and films decreased. At our subsidiaries in Southeast Asia, in the fibers and textiles business, apparel applications were affected by the worsening market conditions in the U.S. and Europe.
In the performance chemicals business, sales of ABS resins and polyester films decreased. At our subsidiaries in China, in the fibers and textiles business, apparel applications were affected by the sluggish market conditions in the U.S. and Europe. The performance chemicals business was affected by the demand decrease in resin products. As for our subsidiaries in the Republic of Korea, in the fibers and textiles, supply and demand balance of nonwoven fabric worsened. Meanwhile, in the performance chemicals business, sales of polyester films, battery separator films, and circuit materials expanded. Next, I would like to explain the consolidated business forecast for the fiscal year ending March 2024. Please turn to page 17.
The pace of recovery in the global economy is expected to remain slow due to factors such as the inflation and high interest rates in the U.S. and Europe, dampening consumer spending and capital investment, the slow recovery in the Chinese economy, and the situation in the Middle East. The Japanese economy is also expected to show a gradual recovery. However, the deepening real estate recession in China, unstable prices of primary commodities, including food and energy, and the continued monetary tightening in the U.S. and Europe to tackle the sustained inflation are among downward risks for the economy in Japan and abroad. For the fiscal year ending March 31, 2024, Toray revised its full year consolidated forecast announced on August 7, 2023, taking into consideration its business performance for the six months of the fiscal year and the changes of business environment.
It now expects revenue of JPY 2,540 billion and profit of JPY 71 billion. Core operating income of JPY 120 billion remain unchanged. These forecasts from October onwards is based on an assumed foreign currency exchange rate of JPY 140 to the U.S. dollar. page 18 shows the consolidated business forecast for the fiscal year ending March 2024 by segment. page 19 shows the comparison of core operating income between the forecast announced on August 7 and the new forecast, with breakdowns into segments. The factors behind the differences are shown on the right side of the table. This concludes my presentation. Thank you very much.