I am Nouchi, the CFO. Thank you very much for joining the Q1 earnings presentation for FY 2024 today from Mitsubishi Corporation, despite your busy schedule. First, I will give an overview of the financial results for the first quarter of FY 2024. Then Mr. Shimazu, general manager of corporate accounting, will explain the details of the financial results. Please turn to page two of the earnings presentation. The page numbers are indicated at bottom right.
Consolidated net income for the first quarter of fiscal 2024 increased by JPY 36.7 billion year-on-year to JPY 354.4 billion, mainly due to gains from the sales of two metallurgical coal mines and the impact of weak yen. This represents 37% progress toward the full year guidance of JPY 950 billion announced on May 2nd. We will carefully assess the full year guidance in light of uncertainties in commodity markets and the business environment. Underlying Operating Cash Flow was JPY 313.6 billion, a 33% progress vis-à-vis the full year projection. Dividend is expected to be JPY 100 per share as announced on May 2nd.
Please turn to page three. I'd like to explain our progress as of Q1 of FY 2024 against the cash flow allocation plan set forth in the Midterm Corporate Strategy 2024. Cash inflow for the period was JPY 653.5 billion, consisting of JPY 313.6 billion in Underlying Operating Cash Flow and JPY 339.9 billion in cash from divestitures. In addition to the steady generation of Underlying Operating Cash Flow from each business segment, the company has made good progress in recovering investments through proceeds from divestitures of coal mines in the metallurgical coal business and other proceeds from asset replacements.
Cash outs from investments amounted to JPY 196.5 billion, resulting in Adjusted Free Cash Flow of JPY 457 billion. Regarding cumulative results of the Midterm Corporate Strategy 2024, Underlying Operating Cash Flow was JPY 2.8 trillion, and recovery of investments through divestitures was JPY 1.8 trillion, showing steady progress against the forecast. As investments have steadily accumulated to JPY 2 trillion, the cumulative total of Adjusted Free Cash Flow was JPY 2.5 trillion.
The progress of quantitative targets of the Midterm Corporate Strategy 2024 is summarized on page five. Please refer to it later. The first quarter progressed at a high rate compared to the full year forecast. We had anticipated a gain on divestitures of coal mines in the first quarter when the full year forecast was formulated.
The depreciation of the yen also helped to boost profits. In addition to the increasing uncertainty of commodity market trends, the business environment is uncertain due to such factors as the prolonged conflict in Russia and Ukraine, rising geopolitical risks such as the expansion of conflicts in the Middle East region, persistently high U.S. policy interest rates, and the presidential election in the fall, all of which require a difficult steering of the company's operations.
We will steadily implement various growth strategies as the final year of the Midterm Corporate Strategy 2024. That is all from me. Next Mr. Shimazu, GM of accounting department, will explain the details of fiscal year 2024 Q1.
I am Shimazu, general manager of the corporate accounting department. I'd like to make some additional comments on the details of the first quarter financial results for FY 2024. On page four, I will explain the segments with large year-on-year change. Please note that due to the company's reorganization, the results for FY 2023 have been restated. The net income for third segment from the top, Mineral Resources, increased by JPY 68.6 billion to JPY 165.7 billion, thanks to the divestitures of two metallurgical coal mines, despite a volume decline in the Australian metallurgical coal business.
Urban Development & Infrastructure, the fourth line from the top, posted a loss of JPY 7.1 billion, marking a year-on-year drop of JPY 22.3 billion, mainly due to a provision for the Golden Pass LNG project in the U.S. undertaken by Chiyoda Corporation, and the absence of sales gain in the domestic real estate business booked in the same period of the previous year. Regarding the provisions related to Chiyoda in fiscal year 2023 Q4, the provisions estimated by our company was recorded in the other segment, but this time around was transferred back to this segment.
The third segment from the bottom, Food Industry, was affected by the tax effect of impairment losses in the overseas food ingredients business in prior years. Therefore, recorded an increase of JPY 13.9 billion to JPY 25.2 billion. SLC, the second item from the bottom, profits decreased by JPY 39.3 billion year-on-year to JPY 16.2 billion due to the absence of gains on sales of affiliated companies that were recorded in the same period last year. For detailed information by segment and supplementary information such as market assumptions, please refer to page six and beyond. This is all from me. Thank you.