I am the CFO, Masu. Thank you for participating in our financial results call despite your busy schedules. I will be explaining the results for the six months ended September 2020. Please refer to the presentation material shown on the screen titled Results for the six months ended September 2020. I'm now on page one. Consolidated net income for the six months ended September 2020 was a JPY 155.7 billion decrease from the same period last year, resulting in JPY 86.7 billion. Progress against the full year forecast of JPY 200 billion announced in August stands at 43%. Please refer to the bottom left box, year-over-year fluctuation. Although there was a rebound from loss related to crude oil derivatives at the Singapore trading company recorded in the previous year, the impact of COVID-19 has been vast and resulted in a decrease of earnings year-over-year of JPY 155.7 billion.
With the backdrop of low commodity prices, Australian metallurgical coal business, and LNG-related business operating income declined. In light of global decline in demand, automotive-related business dropped, resulting in a large decline in net income. Next, allow me to explain progress against the forecast for the year. Please refer to the bottom right box. First quarter was JPY 36.7 billion. During the three months of the second quarter, this was JPY 50 billion. On a quarterly basis, impacted by low commodity prices, Australia's metallurgical coal business saw a decline in income. Business-related sector, especially in automotive-related business, CVS business, and salmon farming businesses, are seeing an improvement in net income. Progress against the full year outlook of JPY 200 billion remains at 43%. This is because of the forecasted disposal gains for the asset replacements in the second half.
As for dividends, interim dividend of JPY 67 was resolved today and will remain at JPY 67. Annual dividend per share remains unchanged at JPY 134. I will not cover by segment results on page two today, so please reference this later on. Next, I will explain cash flow. Please refer to the bar chart on the left side of page three, six months ended September 2020. The gray bar, underlying operating cash flow, is operating cash flows excluding impact from working capital. Due to incomes from operating transactions and dividends, this was JPY 229.1 billion. Orange bar, investing cash flow, saw an intake from listed stock sales. However, due to investments in HERE Technologies, acquiring customer base for European integrated energy business, and upgrade investments in Australia metallurgical coal business, the result was a cash-out of JPY 213.9 billion.
As shown on the dark blue box in the middle of the right-side box, adjusted free cash flows, the sum of underlying operating cash flows and investing cash flows was JPY 15.2 billion. In summary, business results for the quarter were sluggish due to the continued decline in demand amid the pandemic and the continued slump in resource prices as seen in the first quarter, though there were signs of bottoming out, especially in the business-related segments. The speed of recovery in the business environment surrounding the company remains unpredictable due to factors such as the resurge of pandemic in the U.S. and Europe, as well as the deteriorating relations between China and Australia. In any business environment, we are determined to do what we have to do first and foremost in order to recover our performance. That was my brief explanation of the financial results.
Thank you, Mr. Masu. Next is Mr. Kakiuchi, President and CEO.
Thank you very much for taking time out of your busy schedules to attend this meeting. Earlier, as explained by Mr. Masu, CFO, here are our business results. I will briefly explain the highlights of the results. I'd like to talk about the insight for the future of the company. Under the COVID-19 pandemic, in different ways, demands were lost and we had a sluggish performance, as explained earlier, and we are facing squarely up with the situation. For the time being, what we have to do was identified, and we have a clear idea about what we have to do at the moment. First and foremost, we would like to be realistic in taking action. That is what we are focusing right now, specifically on a consolidated basis. We have 1,700 affiliates and subsidiaries constituting the consolidated performance.
Regarding the content of their performances, first and foremost, we looked at the expenses, and we focused our attention on the reduction of expenses. Secondly, unfortunately, compared with usual years, we have many company entities generating losses. We would like to reduce actions on those companies, and as part of the structure reform, we are trying to make drastic measures against those companies. On the other hand, for Mitsubishi Corporation, our portfolio, which is the basis of our business, we would like to be confident about the portfolio. Earlier, Mr. Masu mentioned, especially under the COVID-19 situation, coking coal and LNG, and automotive businesses were affected more severely than other businesses. In a way, we have to wait for the recovery of the market.
Within the industry situation, we will have a proper governance, and of course, for the manufacturing costs and rationalization of mine operations, for those, we would like to transform wherever we can and making efforts the best we can and reduce the cost and the expenses. In that sense, we would like to take positive measures in order to address the situation and for the short term. For the medium to long term, or rather, for one or two years, we will be patient in waiting for the recovery of the market. By doing so, we would like to control and manage the portfolio. In FY2021 onwards, DX and EX are what we are focusing right now. We would like to give you some more details. For DX, or digital transformation, even before the pandemic of COVID-19, we were focusing on DX and advocating DX penetration.
We have specific projects, just about 65 projects at the moment we have. Some of them are in the food and beverage Food Industry Group. Another is in Power Solution Group. Another is the trade business. Just the other day, we made an announcement. This is about the business process transformation and in-plant business, as well as mining business, as well as in the smart city or urban development businesses. In total, we have 65 projects in those segments. The improvement of efficiency of the whole industries as well as the productivity enhancement are the purpose of DX. Also, there are different types of DX, which are to enhance the cross-sectional connectivity. We are promoting support for those efforts. We are trying to realize commercialization of those businesses.
As for EX, or energy transformation, generally, this is translated as transition, but we call this energy transformation. The CO2 emission is a big theme towards 2050. Globally, this is a focus of many companies, and the Japanese government is focusing on this as well. Rather than just simple transition, we would like to have a comprehensive transition, including the business transition. That's why we are calling this energy transformation rather than transition. In terms of environmental issues, including CO2 emission reduction, this is one of the social issues that we have to tackle. In terms of the stable supply of energy, stable supply is a responsibility, stable supply of energy. Therefore, we would like to realize both objectives and clearly define this as part of our vision. That's how we would like to promote and make the plans for energy transition, energy transformation, rather.
Thank you very much. That was my brief explanation of the highlights of the initiatives.