This is Nakanishi, CEO of Mitsubishi Corporation. Thank you very much for participating in our earnings presentation meeting for the third quarter of fiscal year 2024. First, from my side, I will explain about this quarter's highlights and cash flow allocations. Please turn to page 3 of the presentation material. First, for the consolidated net income for the nine months ended December 31, 2024, was, excuse me, to December 2025 was JPY 827.4 billion. In the Japanese offshore wind power business, due to a dramatic change in the business environment, we have recorded impairment of JPY 52.2 billion. Based on the situation, we are conducting a downward revision for the Power Solution segment.
However, as we have booked large gains coming from revaluations and sales of assets, and as we are expecting some segments to perform better compared to the outlook of our previous quarterly announcement, accordingly, we expect we'll be able to achieve the JPY 950 billion outlook for the full year that we have previously announced. The projects that have gone through impairments are three: one at the offshore of Noshiro City, Mitane Town, and Oga City of Akita Prefecture, one at Yurihonjo City at Akita Prefecture, and one at Choshi City of Chiba Prefecture. Since we have successfully won the bid in December 2021, we have been conducting development for around three years.
However, the change of the business environment surrounding wind power, triggered by geopolitical risks such as a global acceleration of inflation and yen depreciation, constraints in the supply chain, and the rise of interest rates, were much greater than our initial assumptions. In light of the situation, we have recorded an impairment of JPY 52.2 billion, the maximum amount that can be recorded at this time. This amount has already been contributed or committed to this project. As explained in the press release on February the 3rd, we are currently reevaluating the business potential of this project in order to explore various measures to improve profitability. We plan to announce our future policy based on the business revaluation results. Next, I'll explain the outlook for cash flow allocation in the Midterm Corporate Strategy 2024.
In the previous quarter's earnings announcement, we explained that the outlook for free cash flow after shareholder returns in the cash flow allocation plan was JPY 0.4 trillion. As we continue to make progress steadily in line, we will keep the outlook as it is. Regarding the additional 0.4 trillion in distributable funds, it will not be carried over to the next management strategy period but will be allocated in its entirety for investments and additional returns. That concludes my explanation. Next, our CFO, Mr. Nouchi, will explain the financial results overview.
Hello, I'm Nouchi, CFO. From my side, I will give some additional explanation of the summary results. Please turn to page 4. Consolidated net income of the third quarter of FY 2024 was JPY 827.4 billion, up JPY 130.8 billion year over year. We recorded impairments in our Japanese wind power business in the third quarter. On the other hand, as we have accumulated major gains on revaluation and sale of assets and received dividends in our LNG-related business, the progress rate of this quarter was high at 87% against our full-year forecast. For the full-year forecast, as CEO Nakanishi explained at the beginning, we reviewed the status of each segment and have decided to maintain the full-year outlook of JPY 950 billion. Please turn to page 5. We have compiled the cash flow allocation plan in the Midterm Corporate Strategy 2024.
I will explain the progress as of the third quarter of this fiscal year. Cash in was underlying operating cash flow of JPY 771.4 billion. On top of that, JPY 466.1 billion of cash flows from divestitures in total, JPY 1 trillion 237.5 billion. Underlying operating cash flow has been solidly created at each businesses. At the same time, cash flows from divestitures through asset turnover have been progressing smoothly, including sales of coal mines and steel making coal business. On the other hand, on the cash outside, we have executed JPY 793.2 billion of investment. As a result, adjusted free cash flow was a positive of JPY 444.3 billion. The cumulative progress under the midterm plan was JPY 3.2 trillion of underlying operating cash flow and JPY 1.9 trillion in divestitures, both in line with our outlook. Investments have been going up to JPY 2.6 trillion on a cumulative basis.
Cumulative adjusted free cash flow was JPY 2.5 trillion. Based on the steady progress, we are anticipating additional distributable cash from post-returns free cash flow to be JPY 0.4 trillion. As CEO Nakanishi has explained, we will not carry over this to the next midterm management plan period but use it entirely for additional investments and shareholder returns. For the progress of quantitative targets, it is written on page 8. Please refer to this later.
Now, I'll explain the results for the third quarter by segment. Please refer to page 6. I will explain the segments that have seen large changes compared to the same period of the previous year. First, the third from the bottom in the Food Industry segment, profits increased by JPY 82.6 billion from JPY 3.7 billion year over year to JPY 86.3 billion due to factors such as the absence of impairments in the overseas food business in the same period of last fiscal year, as well as the sale of shares in KFC Holdings Japan and Princes.
Next, for the Smart Life Creation segment, which is the next line, profits increased by JPY 90.7 billion from JPY 83.2 billion year over year to JPY 173.9 billion due to factors such as the revaluation gain accompanying the conversion of Lawson into an equity method affiliate, despite the absence of the gain on the sale of shares of affiliates in the same period of the previous year.
Going down to the Power Solution segment, despite the improvement in the earnings of the power business in the Americas and the gain on the sale of the European power transmission business, there was an impairment loss on the domestic offshore wind power business and the absence of a strong performance of the European integrated energy business in the same period of the previous year, resulting in a loss of JPY 21.1 billion, a decrease of JPY 42.5 billion from the JPY 21.4 billion profit in the same period of the previous year. Next, I'll explain the forecast by segment. Please turn to page 7. As I explained earlier, we are maintaining our full-year forecast of JPY 950 billion, but we have revised the outlook for several segments. I will explain the segments that were revised the most.
First, in the Environmental Energy segment, we have revised the November forecast by JPY 11 billion to JPY 186 billion due to market factors in the shale gas business, as well as a decrease in expenses and delays in contributions for new business development. In the Mineral Resources segment, we have revised up the November forecast by JPY 20 billion to JPY 235 billion due to factors such as an increase in dividend income from the copper business. At the very bottom is Power Solution, in which we expect a loss of JPY 15 billion, a downward revision of JPY 45 billion from the November forecast due to factors such as impairment losses in the domestic offshore wind power generation business, despite gains on the sale of the European power transmission business. The market assumptions for the forecast are shown on page 30, so please refer to that later.
That concludes my explanation.