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. I would like to report Toray's business results for the Q3 ending December 31, 2022, and the business forecast for the fiscal year ending March 2023. 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 Q3 ending December 31, 2022. Please turn to page 3. Consolidated revenue for the nine-month period increased 15.5% to JPY 1,901.8 billion compared with the same period of the previous fiscal year.
Operating income decreased 24.1% to JPY 80.4 billion, and profit decreased 16.5% to JPY 74.6 billion. Page four is about special items. Special items for the nine-month period improved by JPY 21.1 billion to positive JPY 18.2 billion compared with the same period of the previous fiscal year, owing mainly to gain on JPY 25.1 billion revaluation of investment resulting from establishment of the joint venture. Page five is about assets, liabilities, equity and free cash flow. As of December 31st, 2022, Toray Group's assets and liabilities were affected by the increase in translated yen amount of overseas subsidiaries because of the depreciation of the yen.
Total assets stood at JPY 3,264.6 billion, an increase of JPY 220.7 billion from the end of the previous fiscal year, mainly due to an increase in trade and other receivables on the inventories. Total liabilities increased by JPY 105.3 billion to JPY 1,649.5 billion compared with the end of the previous fiscal year, owing mainly to increases in bonds and borrowings. Total equity increased by JPY 115.4 billion compared with the end of the previous fiscal year to JPY 1,615 billion. Owner's equity was JPY 1,516.5 billion. Interest-bearing liabilities was JPY 1,029.2 billion, and D/E ratio was 0.68 points.
Free cash flow was minus at JPY 49.2 billion. Page six explains about the capital expenditures, depreciation and amortization, and the R&D expenditures. Capital expenditures for the nine-month period increased by JPY 2 billion to JPY 68.3 billion on the year-to-year comparison. Depreciation and amortization increased by JPY 5.4 billion- JPY 97.7 billion. R&D expenditures increased by JPY 5.3 billion- JPY 49.4 billion compared with the same period of the previous fiscal year. This graph on page seven describes the factor analysis of JPY 25.5 billion decrease in operating income for the nine-month period on the year-to-year comparison. The difference in quantity was JPY -13.9 billion, mainly due to decrease in sales and production accompanying slowdown in global economic growth.
The net change in price was JPY -4.7 billion due to the rising raw material prices compared with the same period of the previous fiscal year. We have been working hard on the rising raw material prices to the sales price, but this has not been enough to cover the price increase in raw materials and fuel. Cost of sales, et cetera, was JPY -11.2 billion, mainly due to increases in operating expenses from increases in logistics costs and expenses related to sales activities. The chart on page eight shows the revenue and operating income results by segment. Using page nine and after, I would like to explain the results of each segment. First, fibers and textiles.
Revenue of the overall segment increased to 24.3% to JPY 784.8 billion compared with the same period of the previous fiscal year, and the operating income saw 11.6% increase in JPY 39.6 billion. The difference in quantity was positive, but the net change in price was negative due to the increase in raw material and fuel prices compared to the same period of the previous fiscal year. In addition, cost of sales was negative due to the soaring cost of transportation and other factors. While hygiene material applications were sluggish from the impact of the worsening supply demand balance, apparel applications saw a recovery from the pandemic. Industrial applications witnessed demand recovery for automobile applications in some regions. Page 10 is the Performance Chemicals segment.
Revenue increased 3% to JPY 698.3 billion compared with the same period of the previous fiscal year. Operating income decreased 59.8% to JPY 30 billion. The difference in quantity was negative due to the slow recovery in the domestic automobile production volume, demand decline in China and demand decline in display-related applications. The net change in price was also negative, although we worked to proceed with passing on the rising raw materials and fuel prices to the sales price. I would like to explain the conditions of each business on the next page. The resins business was weak, given the slow recovery in domestic automobile applications and decline in demand in China. In the film business, polyester films were affected by demand slowdown in optical applications and electronic parts.
In the electronic and information materials business, demand for OLED related materials and circuit materials decreased. Page 12 is the Carbon Fiber Composite Materials segment. Revenue increased 37.9% to JPY 211.2 billion compared with the same period a year earlier. Segment posted an operating profit of JPY 11.8 billion, an increase of JPY 13.7 billion from the same period over a year earlier. Demand for the aerospace applications showed a recovery trend, sales of pressure vessels in the industrial applications expanded. The segment went forward with passing on the rising raw material and fuel prices to the sales price. I would like to explain the status of each application on the next page. In the aerospace applications, production rate of commercial aircraft at the major customers showed a recovery trend.
In the sports applications, demand for bicycles, fishing rods and golf shafts applications for outdoor leisure remained strong. In terms of the industrial applications, environment and energy-related fields remained strong, led by compressed natural gas tank applications due to the increase of the crude oil price. Page 14 in the Environment & Engineering segment, revenue increased 16% to JPY 156.2 billion compared with the same period a year-earlier. Operating income increased 18.1% to JPY 12.9 billion. In the water treatment business, demand for reverse osmosis membranes and other products grew strongly, and facilities that newly started operations contributed to the performance. In Japanese subsidiaries and engineering subsidiary experienced increases in the shipment of lithium-ion secondary battery related equipment. Page 15 is the Life Science segment.
Revenue increased 4.2% to JPY 40.2 billion compared with the same period a year earlier. Operating income decreased 63% to JPY 0.6 billion. In the pharmaceutical business, sales of psoriasis treatment, [Remitch], were affected by the introduction of its generic version, as well as NHI drug price revision. Shipment of dialyzers for hemodiafiltration grew strongly in Japan, but the business was affected by the soaring prices of raw materials and fuels. Page 16 shows the business results of major subsidiaries and regions. At Toray International, sales of fibers and textiles and chemicals increased. At Toray Engineering, the shipment of equipment for the lithium-ion secondary battery increased. At our subsidiaries in Southeast Asia, a recovery trend for apparel applications was seen in the fibers and textiles market. In the industrial applications, the automobile production was on a recovery trend.
In the Performance Chemicals business, ABS resins business was affected by the decline in demand from the lockdown in China and stagnant inventory in supply chain. At our subsidiaries in China, in the fibers and the textile business, demand remained strong for apparel applications, although some business were affected by the lockdown in China. In the Performance Chemicals business, resin products were affected by weak demand in China stemming from the expansion of COVID-19 infection. In terms of the chemical products, demand was strong. As for subsidiaries in the Republic of Korea, as for the fibers and textiles business, raw yarn, raw cotton, and normal room fabric was affected by the worsened demand supply condition. The Performance Chemicals business was affected by the production volume decrease of LCD panels for TVs and smartphones.
Next, I would like to explain the consolidated business forecast for the fiscal year ending March 2023. Please turn to page 18. The strong sense of stagnation in the global economy is expected to continue from increased inflationary pressure caused by persistently high raw material and fuel prices and labor shortages, as well as interest rate hikes mainly in the U.S. and Europe. China changed direction to lift its zero COVID policy, the process for normalization of economic conditions is likely to be gradual given the slowdown in the global economy and the sluggish real estate market. Other concerns include the prolonged Ukrainian situation and the turmoil in the financial market.
For the fiscal year ending March 31st, 2023, Toray revised its full year consolidated forecast announced on November 8, taking into consideration its business performance for the nine months of the fiscal year and business environment. It now expects the revenue of JPY 2,510 billion, operating income of JPY 100 billion, and profit of JPY 72 billion. This forecast from January onwards is based on an assumed foreign currency exchange rate of JPY 135 to the U.S. dollar. Page 19 shows the consolidated business forecast for the fiscal year ending March 2023 by segment. Page 20 shows the comparison of core operating income between the forecast announced on November 8 and the new forecast, with breakdowns into segments. The factor behind the differences are shown on the right side of the table. This concludes my presentation. Thank you very much.