Ladies and gentlemen, this is Nakajima, CFO of Mitsui Chemicals. Thank you very much for joining in our earnings announcement today. Today, we announced our Financial Results for the Third Quarter of Fiscal Year 2024 and our Financial Forecast for Fiscal Year 2024. Operating income before special items for the April to December period of fiscal year 2024 increased 5%, or JPY 3.4 billion from the same period of the previous year, to JPY 75.8 billion. In the Specialty Chemicals Domains, operating income before special items increased by JPY 5.4 billion, or 7%, as sales volume remained firm overall. On the other hand, Basic & Green Materials saw a decline in profits due to the impact of the failure at the ethylene plant in Osaka Works, despite progress in business restructuring.
Regarding our financial outlook for fiscal year 2024, despite fluctuations in foreign exchange rates and various changes in the business environment, we expect the operating income before special items for the entire group to be in line with our last forecast announced in November at ¥105.0 billion, which is an increase of 9%, or ¥8.8 billion, compared to the previous year. In the Specialty Chemicals Domains, we expect profits to increase by ¥8.7 billion year-on-year to ¥120.0 billion, mainly due to increased sales volume. Regarding shareholder returns, our dividend outlook is ¥150 per share for the full year, an increase of ¥10 from the previous year. Additionally, as announced in November, we acquired ¥10.0 billion of Treasury stock. I would now like to explain an outline of our performance, business overview, and financial statements based on the materials provided. This is today's agenda.
First, I will provide an overview of the financial results for the third quarter of fiscal year 2024, followed by an overview of our financial outlook for fiscal year 2024. In accordance with the organizational reform implemented on April 1, 2024, we have revised the segments to which Honshu Chemical Industry Co., Ltd. and certain other consolidated subsidiaries and Equity Method affiliates in ICT Solutions and Basic & Green Materials belong. Additionally, the segments for fiscal year 2023 are disclosed based on the reportable segment classifications after the revisions. Please see page 1. This section describes the trends in major markets related to our business in the third and fourth quarters of fiscal year 2024. First of all, the market environment for eyeglass lenses in relation to Life & Healthcare Solutions remains firm in both the third and fourth quarters.
In relation to the agrochemicals market, although there still remain the effects of inventory adjustments in some regions, we expect firm demand to continue. Next is the outlook for global automobile production volume related to Mobility Solutions. Global automobile production volume remains on par with the same period of the previous year, as production volume increased in China in the third quarter and is expected to increase in the fourth quarter as well, but has decreased in other regions. In relation to ICT Solutions, demands in the semiconductor and smartphone markets have been recovering gradually. However, we see that the recovery of semiconductors is uneven depending on their applications. AI-related applications are doing well, but consumer, industrial, and automotive applications remain sluggish. Furthermore, the pace of recovery has slowed compared to our previous forecast.
As for Basic & Green Materials, operating rates are expected to remain low in the second half of fiscal year 2024 as demand is not expected to recover from fiscal year 2023. Please see page 2. This is about the status of our major investment projects. The items in yellow are projects for which construction is completed or commercial operation begins in fiscal year 2024. Those in blue are projects for which decisions were made in fiscal year 2024. As announced in January, in light of our sales increase outpacing the market growth, we have decided to expand the capacity of MR High Refractive Index Ophthalmic Lens Material. In addition to investing in the Specialty Chemicals domains, we will also be active in restructuring and optimization. Please see page 3. This is the summary of our financial results for the third quarter of fiscal year 2024.
Sales revenue for the April to December period of fiscal year 2024 was ¥1,338.8 billion, an increase of ¥64.3 billion compared to the same period of the previous year. Operating income before special items was ¥75.8 billion, an increase of ¥3.4 billion year-on-year. Net income attributable to owners of the parent was ¥37.7 billion, an increase of ¥0.4 billion year-on-year. The exchange rate was ¥153 to the dollar, representing a depreciation of ¥10 year-on-year. The domestic naphtha price per kiloliter was ¥76,400, an increase of ¥8,400 year-on-year. Please see page 4. This is the summary of a year-on-year comparison about operating income before special items in the April to December period of fiscal year 2024. In terms of volume, sales of Vision Care increased as the effects of inventory adjustments in fiscal year 2023 were resolved.
Sales of elastomers increased as we saw growth in automotive applications and expanded products into multiple applications, and sales of semiconductor applications increased due to a recovery in demand in the semiconductor and smartphone markets. Terms of trade improved due to sales price increases, primarily in Basic & Green Materials , and yen depreciation impact, and inventory valuation gains were also recorded due to rising raw material prices. Fixed costs and others increased due to an increase in repair and maintenance costs caused by soaring labor and material costs, as well as aggressive investment of resources, mainly in the Specialty Chemicals Domains. Equity and earnings of overseas affiliates also decreased. Meanwhile, the effects of business restructuring are steadily contributing to profits.
Looking at the results by factor, within the ¥3.4 billion increase in operating income before special items compared to the same period of the previous year, the volume difference was ¥13.5 billion. Terms of trade were ¥8.8 billion, and fixed costs and others were ¥18.9 billion. Please see page 5. Sales revenue and operating income before special items by segment. The following pages provide a detailed explanation of the increase or decrease factors for each segment. Please see page 6. Life & Healthcare Solutions reported operating income before special items of ¥20.9 billion in the April to December period of fiscal year 2024, an increase of ¥2.4 billion compared to the same period of the previous year. The volume difference was ¥2.9 billion.
This was mainly due to the increase in sales resulting from the elimination of inventory adjustments in fiscal year 2023 in vision care and the positive effects of the joint venture established in Nonwovens. Additionally, sales of agrochemicals have remained firm despite the delay in shipping dates from the third quarter to the fourth quarter. Terms of trade improved by JPY 3.3 billion, due in part to the yen depreciation impact in agrochemicals. Fixed costs and others were JPY 3.8 billion, mainly due to an increase in fixed costs associated with the operation of a new plant in vision care and increased costs associated with sales expansion in agrochemicals. Please see page 7. Mobility Solutions reported operating income before special items of JPY 43.9 billion in the April to December period of fiscal year 2024, an increase of JPY 2.9 billion compared to the same period of the previous year.
The volume difference was JPY 7.8 billion, mainly due to volume growth associated with the recovery of elastomers for automotive applications and the expansion of elastomer products into multiple applications in growth markets. Terms of trade were JPY 1.4 billion. Overall, although there were benefits from the foreign exchange impact and gains from time lag in PP compounds, terms of trade worsened compared to the same period of the previous year due to a temporary easing of supply and demand in elastomers. Fixed costs and others were JPY 3.5 billion, due to an increase in repair and maintenance costs and other expenses. Please see page 8. ICT Solutions reported operating income before special items of JPY 20.0 billion in the April to December period of fiscal year 2024, an increase of JPY 0.1 billion, compared to the same period of the previous year.
The volume difference was ¥5.2 billion, with sales volume increasing due to the recovery of the semiconductor and smartphone markets. Terms of trade were ¥0.8 billion. The improvement was mainly due to the foreign exchange impact. Fixed costs and others were ¥5.9 billion, due to an increase in fixed costs associated with the operation of a new plant for ICROS Tape, which is an industrial film development costs aimed at expanding sales, and costs associated with the restructuring of the packaging film business. Please see page 9. Basic & Green Materials reported ¥7.3 billion in operating income before special items for the April to December period of fiscal year 2024, a decrease of ¥1.6 billion compared to the same period of the previous year.
Although the effects of sales price increases and business restructuring were seen, the impact of a loss of around JPY 8.5 billion from the failure at the ethylene plant in Osaka Works contributed to the decrease in profit. The volume difference was JPY 2.4 billion, affected by the plant failure and sluggish demand. Terms of trade improved by JPY 6.1 billion, due to inventory valuation gains resulting from fluctuations in raw material prices as well as steady progress in sales price increases. Regarding fixed costs and others, repair and maintenance costs have increased due to rising labor and material costs, but there also have been positive benefits from business restructuring. Please see page 10. This is non-recurring items. Non-recurring items totaled JPY 8.9 billion. This represents an improvement of JPY 3.5 billion, compared to the same period of the previous year.
The breakdown for fiscal year 2023 includes the impairment losses as a result of separation of Mitsui Chemicals Tohcello, Inc.'s packaging film business and partial transfer of its shares in ICT Solutions. The breakdown for fiscal year 2024 includes the impairment losses associated with business restructuring. Please see page 11. This is the consolidated statement of financial position. Total assets were JPY 2,165.7 billion, a decrease of JPY 50.1 billion compared to the end of March 2024, mainly due to a decrease in trade receivables and a decrease resulting from the transfer of shares in the packaging film business, etc. Please see page 12. This is the consolidated statement of cash flow. Cash flows from operating activities were positive JPY 141.4 billion. Compared to the same period of the previous year, we saw improvements mainly in working capital in addition to improved profit levels. Cash flows from investing activities were negative JPY 80.8 billion.
Although there were cash inflows from the sale of the Singapore Phenols business last fiscal year, due to the completion of construction of a large facility, the cash flows from investing activities for this fiscal year increased by ¥11.0 billion year-on-year. As a result, free cash flows were positive ¥60.6 billion. Cash flows from financing activities were negative ¥90.5 billion, due to the repayment of commercial paper and other factors. Next, I will explain the outlook for fiscal year 2024. Please see page 13. This is the highlights of consolidated financial outlook. Regarding the outlook for the full fiscal year, we expect sales revenue to be ¥1,825.0 billion, an increase of ¥75.3 billion compared to the previous year.
Operating income before special items is expected to be ¥105.0 billion, an increase of ¥8.8 billion from the previous year, and net income attributable to owners of the parent is expected to be ¥56.0 billion, an increase of ¥6.0 billion from the previous year. The exchange rate for the year is expected to be ¥152 to the dollar, representing a depreciation of ¥7 compared to the previous year. The domestic naphtha price is expected to be ¥76,000 per kiloliter, an increase of ¥6,900 from the previous year. Please see page 14. This is the summary of our outlook of operating income before special items for the fiscal year.
Compared to the previous year, we expect operating income before special items to increase due to increases in sales volume and the impact of yen depreciation in the Specialty Chemicals domains, as well as improved terms of trade due to sales price increases and inventory valuation gains in Basic & Green Materials. However, fixed costs and others are expected to be negative, even with the potential benefits of business restructuring, due to anticipated increases in repair and maintenance costs resulting from rising material prices and increases in R&D and other costs. Consequently, the projected increase in operating income before special items of ¥8.8 billion over the previous year is attributable to a number of factors, including a positive volume difference of ¥26.0 billion, a positive terms of trade impact of ¥5.0 billion, and a negative impact of fixed costs and others of ¥22.2 billion.
The explanation is not significantly different from the financial results for the third quarter of fiscal year 2024, so I will omit the details. Page 15. This is our outlook for sales revenue and operating income before special items by segment. The following pages will provide an explanation of the factors behind the increase or decrease in each segment. Please see page 16. Life & Healthcare Solutions operating income before special items for the full year is expected to be JPY 36.0 billion, an increase of JPY 6.0 billion from the previous year. The volume difference is expected to be JPY 10.0 billion. This is mainly due to the elimination of fiscal year 2023 inventory adjustments in vision care and a steady increase in agrochemicals sales volume. Terms of trade are expected to be JPY 2.0 billion. This is mainly due to yen depreciation impact.
Fixed costs and others are expected to be negative ¥6.0 billion, due to an increase in fixed costs associated with the operation of a new plant in vision care and an increase in SG&A and R&D expenses, mainly registration and maintenance expenses associated with the expansion of agrochemicals. Please see page 17. Mobility Solutions operating income before special items for the full year is expected to be ¥55.0 billion, a decrease of ¥2.7 billion from the previous year. The volume difference is expected to be ¥8.5 billion, due to expanded sales of elastomers for automotive applications. Terms of trade are expected to be ¥6.0 billion, due to the impact of a temporary easing of supply and demand in elastomers, despite the positive impact of gains from time lag in PP compounds and yen depreciation. Fixed costs and others are expected to be ¥5.2 billion. Please see page 18.
ICT Solutions operating income before special items for the full year is expected to be JPY 29.0 billion, an increase of JPY 5.4 billion from the previous year. The volume difference is expected to be JPY 8.5 billion. We expect sales volume to increase in line with the recovery in demand in the semiconductor and smartphone markets. Terms of trade are expected to be JPY 1.5 billion, mainly due to yen depreciation impact. Fixed costs and others are expected to be JPY 4.6 billion, due to an increase in fixed costs associated with the operation of a new plant for ICROS Tape, which is an industrial film, costs for business expansion, and fixed costs and others associated with the restructuring of the packaging film business. Please see page 19.
Basic & Green Materials operating income before special items for the full year is expected to be JPY 10.0 billion, but there is an improvement of JPY 1.6 billion compared to the previous year. The volume difference is expected to be JPY 1.0 billion. Demand continues to be sluggish, and we do not expect a major recovery. Terms of trade are expected to be JPY 7.5 billion, due to inventory valuation gains resulting from rising raw material prices, in addition to sales price increases in line with rising utilities and logistics costs. Fixed costs and others are expected to be JPY 4.9 billion, due to an increase in repair and maintenance costs resulting from higher labor and material costs, as well as a deterioration in equity and earnings of affiliated companies, despite the positive effect of business restructuring. Please see page 20.
Next, I would like to explain the increases and decreases from the third quarter to the fourth quarter by segment. Operating income before special items in the third quarter was JPY 23.0 billion, and the forecast for the fourth quarter is JPY 29.2 billion, so we expect an increase of JPY 6.2 billion from the third quarter to the fourth quarter. We expect an overall increase of JPY 6.9 billion in the Specialty Chemicals Domains, mainly due to an increase in Life & Healthcare Solutions . In Life & Healthcare Solutions , we expect to see an increase in profits due to an increase in sales volume caused by seasonal differences in the agrochemicals business in the fourth quarter, as well as changes in shipment schedule from the third quarter to the fourth quarter.
On the other hand, although sales volume in Mobility Solutions is expected to remain steady, profits are expected to decrease due to factors such as worsening terms of trade with the disappearance of gains from time lag in PP compounds. In basic and green materials, although we expect an increase in levy costs, we expect profits to increase due to inventory valuation gains and improved equity and earnings of affiliates, as the utilization rate of MDI, which began operations in the second half of the fiscal year, has been high. In addition, compared to the second half of the previous fiscal year, operating income before special items in the Specialty Chemicals Domains in the second half of this fiscal year is expected to increase to ¥63.5 billion.
In Life & Healthcare Solutions , we expect profits to increase due to an increase in the agrochemicals business, and in ICT Solutions, we expect profits to increase due to a recovery in demand. Page 21. This is the cash flow outlook for the full year. Cash flows from operating activities are expected to be ¥190.0 billion, while cash flows from investing activities are expected to be ¥175.0 billion. As a result, free cash flows are expected to be ¥15.0 billion. That's all for the explanation about our financial results for the third quarter of fiscal year 2024 and our outlook for fiscal year 2024. Thank you very much for your kind attention.