I am Junichi Arai, Corporate General Manager, Corporate Management Planning Headquarters. I will comment on financial results for the first quarter of fiscal year 2018 and forecast for fiscal year 2018. In the first quarter of fiscal year 2018, strong results continued from fiscal year 2017. I think we got off to a good start. I will discuss profit and loss statements for the first quarter in comparison with the first quarter of fiscal year 2017. Net sales were JPY 195.8 billion, up JPY 22.4 billion. Operating income was JPY 6.4 billion, up JPY 3.5 billion. Operating income was up JPY 3.5 billion due to increase in production and sales volume and cost reduction efforts, although fixed costs increased to JPY 2.5 billion. Ordinary income was up JPY 4.6 billion. Extraordinary income, net of extraordinary loss, was up JPY 1.1 billion to JPY 1.2 billion. We booked foreign exchange income as a result of consolidating an overseas subsidiary.
Due to that, JPY 1.3 billion of extraordinary income was recognized. Net income attributable to owners of parent was JPY 5.4 billion, up JPY 4.2 billion. Operating income increased to 2.3 times that of the first quarter of fiscal year 2017. Ordinary income increased to 2.6 times, and net income attributable to owners of parent 4.9 times. Net sales, operating income, and ordinary income reached record high first-quarter results. For net income, JPY 10 billion was recognized in the first quarter of fiscal year 2010. JPY 10 billion included gain on sales of shares of JPY 10-and-some billion. We can say net income reached a record high in real terms in the first quarter of this fiscal year. Let me move on to net sales and operating income by segment.
Higher sales and income were recorded in all five segments: Power Electronics Systems Energy Solutions, Power Electronics Systems Industry Solutions, Power and New Energy, Electronic Devices, and Food and Beverage Distribution. In particular, income in Electronic Devices increased JPY 2 billion, and income in Power Electronics Systems Industry Solutions increased JPY 1 billion, which led the entire growth. In total, net sales increased JPY 22.4 billion and operating income increased JPY 3.5 billion. I will look at business results by segment. In Power Electronics Systems Energy Solutions, as I mentioned earlier, net sales were up JPY 4.1 billion, and operating income was up JPY 300 million. There are three businesses in this segment. The points are the energy management business and the ED&C components business. In the energy management business, net sales and operating results increased due to solid performance with regard to energy management systems and industrial substation equipment.
In the ED&C components business, net sales and operating results increased because of strong demand seen from machinery manufacturers primarily in Japan, continuing from last year. In Power Electronics Systems Industry Solutions, net sales increased JPY 4.3 billion and operating loss improved JPY 1 billion. This segment has five businesses, including Factory Automation, process automation, Social Solutions, Equipment Construction, and IT Solutions. One of the points is significant increase in net sales and operating results in a Factory Automation business. low-voltage inverters, motors, and factory automation systems were very strong. In four other businesses, net sales increased slightly year-on-year. In Power and New Energy, net sales were up JPY 7.5 billion, and operating income was up JPY 200 million. thermal power system sales increased due to large-scale orders in Japan. new energy and renewable energy system sales increased due to large-scale orders for solar power generation systems.
Net sales of both thermal power system and new energy and renewable energy system increased. As for Electronic Devices, one of the growth drivers, net sales increased JPY 4.9 billion and operating income increased JPY 2 billion. For Semiconductors, net sales and operating results increased as a result of solid demand from the automotive field, coupled with increased demand for power semiconductors from industrial fields, which was a result of automation, labor saving, and energy saving needs in China and Japan. In magnetic disks, net sales and operating results increased. In both Semiconductors and magnetic disks, profitability was double digit. In Food and Beverage Distribution, net sales increased JPY 2.7 billion, and operating income increased JPY 300 million. In the vending machine business, net sales and operating results increased, thanks to increased demand from domestic customers, coupled with year-on-year growth of the Chinese market.
In the Store Distribution business, net sales and operating results decreased because of a decline in demand for store equipment for convenience stores. I'll move on to net sales by Japan and overseas area for the first quarter. As for breakdown of JPY 22.4 billion of increase in net sales, overseas net sales increased JPY 8.8 billion, and net sales in Japan increased JPY 13.6 billion. Overseas sales ratio increased a little more than one point to 28.8%. Out of JPY 8.8 billion increase in overseas sales, JPY 4.1 billion was from Electronic Devices. Food and Beverage Distribution and Power Electronics Systems Industry Solutions also drove sales growth. By area, net sales in Asia and others, and China increased. In Asia and others, sales of Power and New Energy and Electronic Devices increased significantly year-on-year.
In China, sales of Electronic Devices and Food and Beverage Distribution, vending machines increased significantly year-on-year. Next, I will talk about balance sheet. This slide shows comparison between March 31st, 2018 and June 30th, 2018. Mainly plant-related sales accumulated towards the end of March. Notes and account receivables, trade receivables were collected in the first quarter. Notes and account payables, trade payables also decreased. On the other hand, inventories mainly of power electronic systems increased. Other liabilities decreased JPY 15.3 billion due to a reversal of income tax payable and accrued bonuses. Cash and time deposit decreased slightly, and the decrease was covered by loans payable. I think the balance sheet was healthy. As a result, net interest-bearing debt was JPY 147.2 billion, up JPY 17 billion. Net interest-bearing debt is calculated by subtracting cash and cash equivalent from lease obligations and interest-bearing debts. Net D/E ratio was 0.5 times.
Equity ratio was 36.5%. Next, I will talk about first half and full year forecast. To get straight to the point, we made no change to initial first half or full year forecast. Let me give you my personal opinion. Forecast for power electronic systems are as shown here, but I think there is some upside potential to the forecast, mainly in ED&C components and factory automation. For Electronic Devices, I think both Semiconductors and magnetic disks will definitely exceed the forecast. I think Power and New Energy will probably be in line with the forecast. I think Food and Beverage Distribution can also perform in line with the forecast. As I said earlier, Store Distribution may be slightly below the forecast. Overall, except Store Distribution, we are not in a situation where we have to worry.
We will carefully scrutinize how a trade war between the U.S. and China will influence China and Asia in the second half. We will review the forecast after the first half is over. I think we will probably be able to make an upward revision. For the first quarter, net sales were a little more than JPY 10 billion higher than our plan, and operating income was a little more than JPY 2 billion higher than our plan. We would like to keep at least the upside generated in the first quarter and see how much more upside can be generated. The renminbi has slightly weakened. Assuming exchange rates are maintained at the current level for the remaining nine months, total impact of exchange rate fluctuations is expected to be about positive JPY 5 billion on net sales and JPY 1 billion on income.
That concludes my presentation.