Good morning, everyone. Thank you for taking the time off your busy schedules to participate in today's briefing. Allow me to start today's briefing on financial results for the Adeka Corporation for the first quarter of the fiscal year ended March 2025. Today's briefing will proceed in the order outlined in the agenda. First are the consolidated results for the first quarter. We registered JPY 98.1 billion in net sales, up JPY 3.5 billion on a YoY basis. JPY 8.6 billion in operating profit, up JPY 1.2 billion. JPY 9.7 billion in ordinary profit, up JPY 1.5 billion. JPY 6.8 billion in profit attributable to owners of parent, up JPY 1.7 billion. Lastly, JPY 66.8 in net profit per share, up JPY 16.8 per share.
Next is an analysis of operating profit. Operating profit had stood at JPY 7.4 billion in the first quarter of fiscal year 2023 and grew to JPY 8.6 billion for the comparable period in fiscal year 2024. While net pricing, foreign exchange rates, and an increase in sales volume all represented tailwinds for operating profit, an increase in fixed costs weighed down rather heavily on results. Although nevertheless, operating profit still recorded a YoY growth of JPY 1.2 billion. Next are the trends in consolidated performance. As of the end of the first quarter, the progress made versus the full year net sales target stood at 23% and at 22% for operating profit. Next are the consolidated results for the first quarter on a per segment basis.
The Life Science segment was the only segment to post a YOY net sales decline as all our businesses across the board posted strong sales results. The Life Science segment also posted a significant YOY decrease in terms of operating profit. Also worthy of note here are very significant profit recovery numbers for Polymer Additives and Functional Chemicals. Conversely, Electronics and IT Materials hit a slight roadblock in terms of operating profit. I would now like to give you a more in-depth review of the results for each segment, starting with Polymer Additives in the Chemicals segment. Here are the main factor highlights for sales. Sales of flame retardants for home appliance enclosures and electric vehicle components and light stabilizers for automobiles remained strong as excess inventories in the supply chain were dissolved and automobile production recovered.
As shown here, we recorded strong sales of flame retardants for engineering plastics for use in home appliance frames. Regarding automobile and EV use cases, in particular, interior and exterior components, light stabilizers, intumescent flame retardants, and nucleating agents posted strong results. Within building materials, PVC stabilizers for home interior materials posted a strong performance, while on the other hand, general-purpose antioxidants for use in all plastic products recorded weak sales. In terms of operating profit, net pricing, higher sales volume, and favorable exchange rates worked in our favor, while higher fixed costs worked against us. That said, overall tailwind factors dominated and drove a significant operating profit increase on a YoY basis. Next are the results for Electronics and IT Materials in the chemicals segment. Here are the main factor highlights for sales. Robust investments in AI-related fields led to a partial recovery in demand for semiconductors.
This recovery, in turn, translated into strong sales of high-k materials for advanced DRAM and photoacid generators for advanced photoresists. Regarding materials for use in semiconductors, we recorded strong sales for high-k materials for advanced DRAM and a photoacid generator used for semiconductor lithography and semiconductor peripheral materials. In terms of materials for displays, black matrix resins and photoinitiators for use in color filters and photo curing materials for optical film delivered strong sales, while sales were weak for etching materials for LCD panels. As it pertains to semiconductors in particular, while we saw strong production of materials for advanced DRAM and logic semiconductor materials, as well as materials for use in AI-related semiconductors, it is undeniable that materials with more of a commodity nature and materials for automotive-related use did hit a bit of a roadblock.
We are expecting a gradual overall recovery trend in materials for semiconductors in the second and into the third quarter. Net pricing and higher fixed costs weigh down significantly on operating profit results, while conversely, sales volume driven by our advanced materials and the exchange rates worked in our favor. That said, while we had significant tailwinds here, these weren't enough to offset a slight YoY decrease in operating profit. Next is functional chemicals in the chemicals segment. Here are the main factor highlights for sales. Sales of our ADEKA SAKURA-LUBE series of lubricant additives were strong, reflecting increased usage in the United States and China and a rebound in hybrid vehicle production. Additionally, the usage of reactive emulsifiers in residential paint increased in India and China, leading to strong sales.
In terms of materials for use in automobiles, lubricant additives for engine oil, special epoxy resins for structural bonding, and epoxy resin adhesives for automotive electronic components posted strong sales. Within building materials, reactive emulsifiers for paint and water-borne resins posted strong sales results. Lastly, peroxide products for use in electronics posted steady sales results. Tailwinds from higher sales volume and favorable exchange rates offset the negative impact of higher fixed costs and ultimately translated into a significant YoY operating profit increase. Next is the Food Products segment. Here are the main factor highlights for sales. Sales of functional fats and oils, like our Marvelous series, remain strong in Southeast Asia, and our Deli-PLANTS series of plant-based foods experienced a steady growth in the use for breads and cafe menus in Japan.
Within the category of breads and confectionery, functional fats and oils like our Marvelous series of functional margarine products delivered strong sales results, primarily in Southeast Asia and Japan. Additionally, we also saw strong sales of whipping cream for confectionery and desserts, as well as strong sales for our Deli-PLANTS series of plant-based foods, not just for use in cafe menus, but in breads as well. The continued implementation of price revisions and a sales expansion of functional fats and oils were strong tailwinds for the company, with the positive contribution from net pricing and sales volume allowing us to offset the increase in fixed costs. Ultimately, this segment recorded a significant YoY increase in operating profit. Next is the Life Science segment, which corresponds to the results for Nihon Nohyaku. Here are the main factor highlights for sales.
Sales remained weak due to inventory adjustments in India and also to front-loaded shipments of fungicides in North America that took place at the end of the previous fiscal year. As I have just stated, sales of agrochemicals were weak in India, North America and Europe, while conversely, sales were steady in Japan for products by Corteva, as were sales of fungicides in Brazil. Lastly, within pharmaceuticals and others, sales were weak for our nail athlete's foot topical antifungal agent, luliconazole. We registered an operating loss in this segment on account of a rather significant negative impact from lower sales volume and higher fixed costs. Although we did see some tailwinds in the form of favorable exchange rates and net pricing effects. That said, these tailwinds weren't enough to offset the negative impacts, so we ultimately recorded an operating loss in the first quarter.
Allow me to give you a bit more information and context on these results in the Life Science segment. An operating loss was indeed recorded in the first quarter, but the full year forecasts remain unchanged. As it pertains to our outlook of the market environment, global population growth and further development in emerging economies will lead to higher demand for food, and consequently, it is projected that global demand for agrochemicals will continue to grow. While Brazil is seeing intensifying competition in markets leading to falling prices, we expect cultivation areas to expand and raw material prices to improve. Therefore, there is no change in our outlook for sales and profit growth in this market. In the first quarter, India experienced insufficient monsoon rainfall and a decrease in demand for agrochemicals.
That said, rainfall is on a gradual recovery trend, so we expect agrochemicals will be able to make up for some of this lost time in the second quarter. In North America, inventories were adjusted on account of advanced shipments due to concerns about shipping. That said, while logistics is tight right now, the situation is improving gradually and so too will inventories normalize. We expect that we will be able to compensate for delayed overseas agrochemical sales in the second quarter and beyond. Consequently, the full year forecast remains the same. I would now like to discuss the revision to the consolidated financial forecasts for fiscal year 2024. We have issued a revision to the consolidated financial forecasts for fiscal year 2024.
More specifically, we raised first half guidance to reflect sales and profit growth in the first quarter while keeping the second half net sales and operating profit forecasts the same. In light of this, we are now expecting JPY 426 billion in net sales, JPY 39.2 billion in operating profit, JPY 38.4 billion in current profit, and JPY 24.2 billion in profit attributable to owners of parent. Next is the breakdown by segment. As I mentioned just now, second half net sales and operating profit guidance remains unchanged, as this revision to the full year forecasts only incorporates the increase in the first half as of the end of the first quarter.
Circling back to what I said earlier, in terms of the trends, the sales expansion of functional fats and oils bore fruit in the Food Products segment in the first half. While we will work to deliver an overperformance in the latter half as well, as it stands, the forecast for the second half remains unchanged. These forecasts might strike some of you as falling perhaps on the conservative side, especially given how Polymer Additives staged a rather significant recovery in the first half. We continue seeing a high degree of volatility in the Forex market, and it's also unclear to what extent we can expect a smooth recovery and demand for resin products worldwide. The revised forecast, therefore, reflects this uncertainty. Conversely, as it pertains to Electronics and IT Materials, we are forecasting a recovery in overall demand for semiconductors.
Furthermore, we expect growing levels of activity surrounding advanced semiconductor products. In light of this, second half targets were already rather ambitious to begin with, and we believe we will be able to make the numbers. I would now like to discuss a number of topics, starting with an organizational change in the chemicals segment. In July of 2024, the chemicals division and the research and development division were abolished, and the electronic materials division and the environmental materials division were established. The electronic materials division will be focusing on semiconductors as a top priority. This division offers materials for use in memory and logic IC, and we will be expanding our sales channels in terms of materials for use in the back-end process, whereas previously our efforts had centered on the front-end process.
Through these changes, we will be carrying out proactive investment in new materials and semiconductors peripheral materials. Combining sales and R&D into a single division allows for more clearly defined goals, and we will be allocating capital to the execution of these goals. We have also renamed Functional Chemicals within the chemicals segment, which now operates as the Environmental Materials Division. We won't be making sweeping changes to our overall existing product lines right away, but this division will have a focus on the environment as a top priority. Here, we will be narrowing the focus to restructure the business, focusing on carbon neutral and energy-saving initiatives to ultimately develop and bring to market people-friendly and eco-friendly products. Additionally, previously, we worked on R&D at the overall corporate level for battery materials like SPAN and graphene within the scope of environment and energy.
We have now moved the remit of these battery materials to the Environmental Materials Division, with the objective of reaching the commercialization stage as quickly as possible. In summary, we seek to strengthen the cooperation between sales, research, and planning and respond to needs promptly, allowing us to expand our businesses. In line with this organizational change, starting in the second quarter, the subsegments within the chemicals segment have been renamed. More specifically, starting in the second quarter, the subsegment of Electronics and IT Materials is now known as Electronic Materials, and the subsegment of Functional Chemicals is now known as Environmental Materials. Battery materials will also be included in Environmental Materials, with the objective of achieving commercialization as quickly as possible. In other words, this marks a shift from corporate research covering new areas and exploration research toward the real-world commercialization phase.
Another topic is the acquisition of treasury shares and the inclusion in indices. The acquisition of treasury shares concluded in August 2024 for a total of 480,000 shares at an acquisition price of JPY 3,012 per share. The acquisition cost therefore totaled JPY 1.4 billion carried out throughout the year. Furthermore, in August 2024, Adeka was selected to be a constituent stock of the JPX-Nikkei Index 400 for the second consecutive year. Last is the reference section. Shown here is the overseas sales ratio. The first quarter has just ended, so we're still early in the fiscal year. As it stands, the overseas sales ratio stands at 55.3%. This underscores the trend toward raising this ratio, which is on a gradual upward trend.
Next is a discussion of the ADX 2026 mid-term management plan. The column on the right shows the fiscal year 2026 targets, while the left column shows the fiscal year 2024 forecasts. We are guiding for JPY 39.2 billion in operating profit on net sales of JPY 426 billion, an ROE of 8.5%, JPY 20.7 billion in capital investment amount for the fiscal year, and lastly, a dividend payout ratio of 40%. It's hard to predict profit attributable to owners of parent at this point in time, so we have refrained from offering a specific dividend amount guidance. Our basic policy of upholding a dividend payout ratio of 40% remains unchanged. This concludes today's presentation. Thank you for your time.