Good afternoon, ladies and gentlemen. Thank you very much to participate in this meeting. Please refer to the materials you have at hand. Based on this material, I'd like to give you an overview of MHI's financial results for the first three quarters of fiscal 2018. First is the highlight. We have been working on the investment for MRJ. It is within our expectation and budget, but other than that, fundamental business earnings are solid. About orders received, mainly due to a large order cancellation for a coal-fired thermal power plant in power systems, we had to bear with the cancellation, so orders received decreased. However, the industry and infrastructure and aircraft, defense, and space orders increased. All in all, it is almost the same as before. In actuality, we are able to say that the orders received are unchanged.
The profit from business activities increased in all segments. Looking at the interest-bearing debt and free cash flow, they were both improved. Compared with the previous conditions, it's much better. The financial status of MHI is quite solid. On the other hand, as you are well aware, we have seen some deterioration of the order amount in power. About the industry and infrastructure, the situation looks good, but still, there have been some concerns about the delay of the orders we have been expecting to next year. We will speak about this later on. But there has been the decline of the projection by about JPY 200 billion. The scheduled full year payout is going to be kept at JPY 130.
Allow me to share with you page four, summary of the first to the third quarter fiscal financial results. The orders received were JPY 2,479.3 billion, which is a decline of JPY 96.4 billion. But if we just exclude the cancellations, it is about the same as the previous years. The revenues increased by JPY 55 billion- JPY 2,899 billion. The profit from business activities, JPY 105.3 billion, which is a JPY 48 billion increase. Profit attributable to owners of parent, JPY 35.3 billion, which is an increase of JPY 34.1 billion. As in the case of the previous time, we have been using the Japanese GAAP, but in order to have good consistency with restatement, we have been utilizing IFRS. If we make a comparison using the IFRS, this is the figure that I have just mentioned.
EBITDA is JPY 200.7 billion and the free cash flow was JPY 154.4 billion. Both were better than the previous term. The next is the basis for the fundamental business. The profit from business activities, JPY 183.4 billion, and the figure is 6.9% and 3.6%. All-i n- all, it is very good for EBITDA and free cash flow as can be seen here. Moving on, I'd like you to take a look at each segment for the orders received. Power systems, JPY 756.5 billion. This is a decrease of JPY 258 billion. About JPY 100 billion was the cancellation for the previous year. Industry and infrastructure, JPY 1,368 billion, which is an increase of JPY 160 billion.
Machinery, the steel machinery is increasing and also for the aircraft and defense and space, the figure was JPY 381.5 billion, which is an increase of JPY 31 billion. All in all, power was decreased, but industry and the aircraft defense space has done well. All in all, we are able to say that it was almost in line with the previous years. Especially for aircraft and defense Boeing 777, there has been a change to the Boeing 777X, we are in the transition. That was the reason why there was a decline in the orders. The power and industry and infrastructure increased, all in all, it was about an increase of JPY 50 billion. For all of them, we were able to see the increase in all segments. There has been the cash flow improvement and balance sheet efficiency improvement.
We are in the process of all these, and we are now seeing the fruit of all these activities. Next is the balance sheet. In the case of the MHI, we tend to see the expansion of balance sheet on the third quarter. The total figure with JPY 5,269 billion, which you see increase of JPY 21 billion, as can be seen here. This includes indemnification asset for South African project, which is about JPY 52 billion. Excluding this balance sheet, in actuality, it is shrinking. This seems to be a very good trend. Looking at the liability side, the interest-bearing debt was JPY 997.3 billion. In many cases, we have the figure over JPY 1 trillion, but this is less than that. To a certain extent, we are able to say that interest-bearing debt situation is not bad.
For the short, we are utilizing commercial papers and the short-term borrowing, but still, this will be reversed by the end of this year. I'd like to share with you some of the main financial measures. We had the booking for the M&A related items at the beginning of this term. There has been some disposal. The equity ratio is 26.2%, which is less than 30%, but still it is in a sound standing. Interest-bearing debt and debt equity ratio compared with the end of the year, it looks like it is declining, but still, compared with the comparable period last year, it's better. We'd like to continue, and we are confident of reducing the interest-bearing debt this year. Free cash flow, as can be seen, is a figure compared with the previous term.
There has been the increase of about JPY 150 billion. In the second quarter, the free cash flow target was increased from JPY 50 billion- JPY 100 billion. We are quite sure that we'll be able to achieve this goal moving on. Let me move on to the breakdown by segment. I am now on page nine. If you can note, the orders received are shown in the figures here for power segment. This has decreased. Industry and infrastructure has increased. For the orders backlog. They are exceeding the received, and they have been on a decline trend, and power obviously has created an impact. What is happening to offshore wind power? Many questions have been raised by many members. With our JV, we do have a 50% share in our JV.
We did not include in the past, but for this quarter and onwards, we will show as reference the numbers for offshore wind power. Order backlog is a new JPY 900 billion as we stand. For coal thermal is on the decline, however, renewable energy, if we combine this, then the orders backlog is pretty much on par. Let me now move on to the revenue by segment. Power systems, nuclear power, GTCC, and aero engines have increased respectively. For nuclear power, there was a minimal recording last year, but we have returned back to normal, and the aero engines is a highlight. We are now recouping our efforts. In terms of revenue as well as profit, they are expanding. Moving on to industry and infrastructure segment.
For metals, there had been a drop, but it is now on an improving trend. We have combined 4 companies, and as a result, we are now competing for third and fourth place in the global markets. We are enjoying synergy effects as a result, so we are seeing an all in all increase. Moving on to chemical plants and transportation systems. There are some differences in the projects, however, they all in all have decreased. Moving on to aircraft, defense, and space. Commercial aircraft, as I explained earlier, for Boeing, there has been a drop. All- in- all, in terms of ratio, unlike the orders received, we are pretty much on par with last year's same quarter, so we are progressing as scheduled. Moving on to the profit from business activities by segment.
Power, as you can note here, we have increased. For gas turbine, after-service has been a strong driver for us, and it has expanded its profit for industry and infrastructure, material handling equipment, as well as we have also seen some increase in sales as well. As for aircraft, defense, and space. Commercial aircraft, the Boeing 777, moving on to the Boeing 777X, there has been some drop as a result of this upgrade. Although slightly, some of our profit has deteriorated. MRJ related activities. You see the losses from JPY 88.9- JPY 78.1. All in all, augmented together, we are seeing an increase. Based on these circumstances, if I can now move on to page 13 and explain to you on the summary of forecast, and we have made some slight amendments in our forecast for the full year.
For orders received, we announced as of the last financial announcement, JPY 4,100 billion. In the power segment, we had canceled some projects and some major projects have now been extended and postponed until next year. Considering these current trends, we are seeing a drop of approximately JPY 200 billion in power segment. For industry and infrastructure segment. We are expanding orders steadily, but the plant that was scheduled for this year is now extended and postponed to next fiscal year. The probability of this happening is now quite high. We are now decreasing this by JPY 100 billion. All in all, a JPY 300 billion decrease has been adapted since the initial forecast. In terms of revenue and profit and other numbers, as you note here, we have not changed the full year forecast for FY 2018.
If we further break this down by segment, the full year forecast, again, as you can reference on page 15. Power, industry, JPY 200 billion and JPY 100 billion respectively drop. From JPY 1.5 trillion- JPY 1.3 trillion for power and for industry and infrastructure as well, we have a decrease in numbers. For other segments, we have not changed the segment full year forecast. I would now like to conclude my presentation. Thank you.