This is Nouchi, CFO of Mitsubishi Corporation. Thank you very much for taking time out of your busy schedule to participate in our financial results investors briefing for the first quarter of FY 2022. First, I will give the overview of the results, after which Shimazu, General Manager of Corporate Accounting Department, will give you a detailed explanation. I will now explain the results for the three months ended June 2022 as indicated on the cover page of the material. Please refer to page one on the lower right. First, let me explain the summary of year-over-year fluctuation. Please see the box on the lower left. Consolidated net income for the first quarter of FY 2022 was JPY 534 billion, a record high on a quarterly basis.
We view this as a robust result while addressing the rapidly changing business environment with an increase of JPY 346.4 billion year-on-year. In addition to high resource prices, many of our businesses performed well, including automotive, the European integrated energy business, and the North American real estate development business. In addition, in Urban Development, we recorded a capital gain of JPY 84.1 billion from the sale of a real estate management company. This is a good example of implementing the Value-Added Cyclical Growth Model set forth in the Midterm Corporate Strategy 2024 after comprehensively taking into account the perspective of asset replacement and enhancement. Next, we will discuss progress against financial outlook. Please continue to look at the box at the bottom right of the slide.
As of the first quarter, 63% of the full year forecast of JPY 850 billion has been achieved, fairly high progress ratio.
The plan expected profits to be skewed towards Q1 due to recognition of capital gains related to asset replacement and high commodity prices at the beginning of the year. The progress rate was boosted as commodity prices trended higher than expected, and performance was favorable due to tailwinds in the Industrial Materials, Petroleum & Chemicals Solution, and Automotive & Mobility segments. However, as commodity prices have settled down now, from Q2 and beyond, we are anticipating a severe business environment with the situation in Russia and Ukraine, the resurgence of COVID-19, and monetary tightening in light of inflation around the world. Regarding the full year guidance, we will account for the uncertain circumstances as mentioned earlier, and plan to scrutinize and determine the level of the upward revision during Q2. Additional shareholder return will also be considered together with the full year guidance during Q2.
Although Q1 was a fast-changing business environment, our view is that we are off to a good start as we were able to capture earnings opportunities firmly and recorded strong profit growth, resulting in a high progress rate against the full year guidance. On the other hand, from Q2 onwards, the business environment is expected to worsen because of a slowdown in the global economy. We will not let our guard down with this year's performance, but will continue to promote the Value-Added Cyclical Growth Model and aim for sustainable profit growth that we raised in the Midterm Corporate Strategy 2024 so as to increase corporate value. That is all from me. Next, Mr. Shimazu, the General Manager of Corporate Accounting, will speak mainly about performance by segment.
This is Shimazu, General Manager of the Corporate Accounting Department. I would now like to make a few additional points. Please refer to the second page of the results for Q1 year-over-year segment income. In Q1, eight out of the 10 segments reported year-over-year gains. Now I will specifically make supplementary comments regarding the segments with large increases and decreases. First, Industrial Materials, the second item from the top on the left side of the slide, increased year-over-year by JPY 10.1 billion to JPY 19.2 billion from JPY 9.1 billion, mainly due to an increase in equity and earnings of the plastic building materials in North America.
Petroleum & Chemicals Solution also increased year-on-year by JPY 12.5 billion to JPY 22.4 billion from JPY 9.9 billion, mainly due to the reversal of deferred tax liabilities in the chemical manufacturing business and increased trading profits in the petroleum business. Mineral Resources rose year-on-year by JPY 188.9 billion to JPY 254.8 billion from JPY 65.9 billion, mainly due to higher market prices in the Australian metallurgical coal business. We'd like to move on to the right-hand side of the slide. The Automotive & Mobility segment recorded JPY 46.5 billion, an increase of JPY 19.2 billion from JPY 27.3 billion in the same period, mainly due to increased equity earnings of Mitsubishi Motors Corporation and the ASEAN automobile business.
Three items below that, Power Solution posted a profit of JPY 14.4 billion, up JPY 17.7 billion from a loss of JPY 3.3 billion in the same period the previous year, mainly due to increased equity in earnings of European integrated energy businesses and overseas power projects. Finally, Urban Development, which included gains on the sale of a real estate management company, increased by JPY 82.9 billion to JPY 104.6 billion from JPY 21.7 billion. Please move on to page three.
Next, I will talk about cash flow on this page. Please refer to the right-hand side of the bar graph, where fiscal year 2022 Q1 cash flow results are shown. In green is underlying operating cash flow at +JPY 462 billion, and investing cash flow is in blue, which was +JPY 78.3 billion. As a result, adjusted free cash flow was +JPY 540.3 billion. Please look at the blue box at the bottom right for main items of investing cash flow. New and sustaining investments were JPY 195.8 billion due to investments and loans related to the copper and Australian metallurgical coal business, as well as the European integrated energy business. Sales and collection was JPY 274.1 billion, which came from the sales of investment in the real estate management company, as well as the North American shale gas business and aluminum smelting business.
This resulted in a + JPY 78.3 billion net investment cash flow. Please also note that for each of the items, we have color-coded them from this time around. By yellow, maintain and expand earnings base, green, EX related, and blue, DX growth related, which represents the areas in the investment plans under Midterm Corporate Strategy 2024. Page four shows reference regarding market assumptions. Please refer to them later. That is all for me.