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 toward your continued understanding and your interest in our management and our business activities. Now, I would like to report Toray's business results for the second quarter ended September 30, 2022, and the business forecast for the fiscal year ending March 2023. 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 second quarter ended September 30, 2022. Please turn to page three. Consolidated revenue for the six months period increased 18.7% to JPY 1,261.8 billion, compared with the same period of the previous fiscal year. Core operating income decreased 22.5% to JPY 54.4 billion, and profit decreased 3% to JPY 59.1 billion.
Page four is about special items. Special items for the six-month period improved by JPY 20.6 billion to JPY 19.4 billion compared with the same period of the previous fiscal year, owing mainly to gain on JPY 25.1 billion of revaluation of investment resulting from establishment of the joint venture. Page five is about assets, liabilities, equity, and Free cash flow. As of end of September, 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 3,320.9 billion, an increase of JPY 277 billion from the end of the previous fiscal year, mainly due to an increase in trade and other receivables and inventories. Total liabilities increased by JPY 116.6 billion to JPY 1,660.8 billion compared with the end of the previous fiscal year, owing mainly to an increase in corporate bonds and borrowings.
Total equity increased by JPY 160.5 billion compared with the end of the previous fiscal year to JPY 1,660.1 billion. Owner's equity was JPY 1,562 billion. Interest-bearing liabilities was JPY 1,014.6 billion, and D/E ratio was 0.65 points. Free cash flow was minus JPY 28 billion. Page six explains about capital expenditures, depreciation and amortization, and R&D expenditures. Capital expenditures for the six-month period increased by JPY 1.5 billion to JPY 42.4 billion on a year-to-year comparison. Depreciation and amortization increased by JPY 3.8 billion to JPY 64.9 billion. R&D expenditures increased by JPY 3.4 billion to JPY 33 billion compared with the same period of the previous fiscal year. This graph on page seven describes the factor analysis of JPY 15.8 billion decrease in Core operating income for the six-month period on a year-to-year comparison. The difference in quantity was minus JPY 1.9 billion, mainly due to decrease in sales and production accompanying the slowdown in global economic growth.
The net change in price was minus JPY 7 billion due to the rise in raw material prices compared with the same period of the previous fiscal year. We have been working to pass on the rise in raw material prices to the sales price, but this has not been enough to cover the price increase in raw materials and fuels. Cost variance, et cetera, was minus JPY 9.9 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 Core operating income results by segment. Using page nine and after, I would like to explain the results of each segment. First, Fibers & Textiles. Revenue of the overall segment increased 26.8% to JPY 509 billion compared with the same period of the previous fiscal year. Core operating income declined 1.8% to JPY 23.9 billion.
Difference in quantity was positive, 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 variance was negative due to the foreign cost of transportation, et cetera. Apparel applications saw a recovery from the pandemic while hygiene material applications were sluggish as the supply-demand balance worsened. The industrial applications witnessed a sluggish growth in demand due to the delay in recovery of the automobile production volume. Page 10 is the Performance Chemicals segment. Revenue increased 6.5% to JPY 473.3 billion compared with the same period of the previous fiscal year. Core operating income decreased 52% to JPY 25.1 billion.
Difference in quantity was negative due to the slow recovery in the domestic automobile production volume, decline in demand in China, and the decline in demand in the display-related applications. The net change in price was also negative, although we worked to proceed with passing on the rise in 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 the domestic automobile production volume and the decline in demand in China. On the other hand, in the chemicals business, fine chemicals performed strongly. In the films business, polyester films were affected by customers' inventory adjustment of 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 41.5% to JPY 140 billion compared with the same period of the previous fiscal year. Core operating income was JPY 5.6 billion, an improvement of JPY 9.2 billion. While the segment was affected by the increase in raw material and fuel prices and the decline in the production rate of commercial aircraft in the aerospace applications, the sales of wind turbine blades and pressure vessels in the industrial applications expanded. There was also growth in the sports applications. In addition, the segment went forward with passing on the rise in raw materials 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, although the production rate of commercial aircraft remained at low levels, there was positive impact from the depreciation of the yen.
In the sports applications, demand for bicycles, fishing rods, and golf shafts applications for outdoor leisure remained strong. In terms of Regular tow products among the industrial applications, sales of environment and energy-related fields led by compressed natural gas tank applications expanded. As for large tow products, shipment of wind turbine blade applications remained strong. Page 14, in the Environment & Engineering segment, revenue increased 23.5% to JPY 106.1 billion compared with the same period of the previous fiscal year. Core operating income increased 35.8% to JPY 8.3 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 the Japanese subsidiaries, an engineering subsidiary experienced increases in the shipment of lithium-ion secondary battery-related equipment. Page 15 is the Life science segment.
Revenue increased 3.1% to JPY 25.9 billion compared with the same period of the previous fiscal year. Core operating income decreased 69% to JPY 0.3 billion. In the pharmaceutical business, sales of PROVIGIL treatment, REMICADE, were affected by the introduction of its generic versions as well as by 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 & Textiles, resins, and chemicals increased. At Toray Engineering, the shipment of equipment for lithium-ion secondary batteries increased. At our subsidiaries in Southeast Asia, a recovery trend for apparel applications was seen in the Fibers & Textiles market. In the industrial applications, there was impact from delay in the recovery of the automobile production.
In the Performance Chemicals business, ABS resins business was affected by the decline in demand from the lockdown in China, stagnant inventory in the supply chain, and by the decline in production volume of our customers in ASEAN countries due to the inability to procure parts from other countries. At our subsidiaries in China, in the Fibers & Textiles business, demand was strong for apparel applications, although some businesses were affected by the lockdown in China and by the rise in raw materials and fuel prices. In the Performance Chemicals business, demand for chemical products was strong. As for our subsidiaries in the Republic of Korea, in the Fibers & Textiles business, sales of nonwoven fabrics for domestic customers increased, but was affected by the rise in raw material prices and fuel prices.
The Performance Chemicals business was affected by the decrease in production volume of LCD panels for TVs and smartphones. I would like to explain the consolidated business forecast for the fiscal year ending March 2023. Please turn to page 18. The global economy, including Japan, is expected to slow down during this year due to increased inflationary pressure caused by soaring raw material and fuel prices and interest rate hikes, mainly in the U.S. and Europe. In addition, China's continuation of the zero-COVID policy and the confusion in the real estate market may exert downward pressure on the global economy. Other concerns include supply restrictions caused by parts and labor shortage, prolonged Ukrainian situation, and a disruption in the financial markets.
For the fiscal year ending March 31st, 2023, Toray revised its full-year consolidated forecast announced on August 9th, taking into consideration its business performance for the first half of the fiscal year and the business environment. It now expects revenue of JPY 2,600 billion, Core operating income of JPY 130 billion, and profit of JPY 95 billion. These forecasts from October onwards is based on an assumed foreign currency exchange rate of JPY 135 to the U.S. dollar. Page 19 shows a consolidated business forecast for the fiscal year ending March 2023 by segment. Page 20 shows a comparison of Core operating income between the forecast announced on August 9th 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.