Financial highlights brief report for first quarter fiscal year 2024. A, financial highlights for first quarter fiscal year 2024. A1, financial results for first quarter fiscal year 2024. As the third year of the medium-term management plan, fiscal 2024 marks the plan's halfway point. That third year began with the first quarter under review, which means a significant milestone, but I believe we have gotten off to a good start. For the fiscal 2024 first quarter results, operating revenues were JPY 267.6 billion, operating income was JPY 30.7 billion, ordinary income was JPY 74.8 billion, and net income attributable to owners of parent was JPY 72.5 billion. Each of these figures is up compared to the same period last year, we're off to a solid start. Looking at the situation by business segment, Dry Bulk and Car Carrier Business were basically supported by strong market conditions.
In Containership Business, short-term market conditions were also very favorable. This was due to supply constraints stemming from the situation in the Red Sea and a strong rebound in cargo demand. The key financial indicators show that equity capital was JPY 1.6319 trillion, interest-bearing liability was JPY 284.2 billion, debt-to-equity ratio was 17%, and equity ratio was 76%. equity capital increased by JPY 40 billion compared to the end of fiscal 2023. Otherwise, there have not been any major changes, and we believe that we continue to maintain a sound financial position. This slide has a note stating, "Fiscal year 2023 figures are based on retrospective application of a change in accounting policy." As described in detail in the financial highlights, starting in fiscal 2024, we have changed the currency conversion method into Japanese yen in income and expenses of foreign consolidated subsidiaries.
As part of this review, we have been recalculating past results. In order to make it easier to compare the results for this fiscal year with the previous one, the figures for fiscal 2023 shown on this slide were calculated using the new method. Therefore, you may notice some slight differences in the figures you see here compared to those used as the fiscal 2023 financial results released in May. A2, financial results for first quarter fiscal year 2024 by segment. Dry Bulk ordinary income was JPY 7.6 billion, with extremely strong market conditions for both Capesize and Panamax and smaller sizes. Energy Resource Transport ordinary income was JPY 1.2 billion. Although some temporary factors reduced earnings, Energy Resource Transport is essentially a stable income segment based on long-term contracts. As such, its long-term contract portion is generating a steady income.
Ordinary income for Product Logistics as a whole was JPY 66.4 billion. Breaking this segment down, Containership Business earned JPY 41 billion, while K Line's own businesses, namely Car Carrier, logistics and terminal, and short sea and coastal businesses, posted JPY 25.4 billion. These businesses are also performing very well and generating steady profits. In Containership Business, the significant increase in profits was due in part to extremely favorable short-term market conditions. Ordinary income was JPY 74.8 billion overall, representing an increase of JPY 27.6 billion year-on-year. All segments saw increased earnings compared to the same period last year, except for Energy Resource Transport, which experienced one-time losses. B, forecasts and initiatives for fiscal year 2024. B1, forecasts for fiscal year 2024 and key factors. On July 25th, we announced an upward revision of our full-year forecast for fiscal 2024 as part of timely disclosure efforts.
There are no changes to those figures at this time. Operating revenues are JPY 1.020 trillion, operating income is JPY 102 billion, ordinary income is JPY 220 billion, and net income attributable to owners of parent is JPY 210 billion. The average exchange rate for the year is expected to be JPY 147.18. Here, too, we have increased our forecast figures for operating revenues, operating income, ordinary income, and net income attributable to owners of parent compared to the previous year. Moreover, all of the forecast figures have been revised upward compared to those announced on May 7th. Despite some uncertainties in the outlook for the second half of this fiscal year, if progress continues as currently expected, we should be able to achieve solid profits for the midpoint of our medium-term management plan. The average exchange rate assumption is estimated to be JPY 147.18 for the full year.
This is based on actual rates up until July, and an expected rate of JPY 150 for August and September. For the second half of the year, the rate is predicted to be JPY 140, as we expect to see the yen strengthen over that period compared to the current exchange rate. The exchange rate sensitivity is JPY 1.6 billion for every JPY 1 change in the exchange rate. For K Line, a weaker yen tends to increase profits, while a stronger yen reduces profits. Therefore, if the yen appreciates by JPY 1 against the U.S. dollar, our profit would deteriorate by JPY 1.6 billion. B2, forecasts for FY 2024 by segment. Turning to the full year forecast by segment, ordinary income for Dry Bulk is expected to be JPY 15 billion, a figure unchanged from the one previously announced in May.
Ordinary income for Energy Resource Transport is forecasted to be JPY 6 billion, an improvement of JPY 1 billion compared to the previous announcement. Ordinary income for Product Logistics as a whole is expected to be JPY 204 billion, up JPY 84 billion from the previous announcement. As part of this figure, ordinary income for Containership Business is predicted to be JPY 128 billion, up JPY 83 billion, while the estimated figure for K Line's own businesses is up by JPY 1 billion. We anticipate ordinary income of JPY 220 billion overall, an improvement of JPY 85 billion from the previous announcement. For all segments, the result forecasts are either higher than announced in May or unchanged, which means earnings are basically progressing according to plan.
Aside from the positive impact of Containership Business, we are not expecting any major changes in the business environment or our figures at the present time. In Dry Bulk, cargo movements are currently strong in terms of iron ore destined for China. Despite some concerns about the Chinese economy going forward, no significant impacts on cargo movements and other matters are expected currently. Energy Resource Transport is essentially a stable income business based on long-term contracts and continues to post steady earnings. K Line's own businesses in Product Logistics, especially Car Carrier Business, are expected to remain strong as the tight supply-demand balance continues. For Containership Business, it is unclear what will happen on the supply side given the situation in the Red Sea. On the demand side, cargo movements continue to recover in the first half of the fiscal year.
There is some uncertainty regarding the second half, we need to keep a close eye on developments. B3, shipping industry environment. The situation in the Suez Canal has been having a significant impact on our business performance. We are organizing information on the impact and outlook for each of our businesses. As a shipping company, K Line places the highest priority on the safety of crew members and other individuals concerned, and our vessels and cargoes. In our view, we will only resume use of the Red Sea route once we are completely certain that the region is safe. K Line believes that safety and security are important values and priorities that cannot be compromised. We will continue to keep a close eye on the situation. C, status and progress of the medium-term management plan. C1, capital policy. Capital policy progress and corporate value improvement.
Under our medium-term management plan, we have disclosed various KPIs. Some of our earnings forecasts were revised upward when we released our financial results in May. On the left side of the slide, various topics are shown, such as enhancing earning power and investment plan, etc. We are currently working on each of these measures. With regard to enhancing earning power, in May, we raised our ordinary income target for FY 2026, the final year of the medium-term management plan, to JPY 160 billion. As I mentioned earlier, our ordinary income forecast for this fiscal year is JPY 220 billion, which means this fiscal year's forecast exceeds the 2026 target. We also stated that an assumption of JPY 160 billion in ordinary income was used to anticipate operating cash flow of JPY 1.4 trillion.
This time, the ordinary income forecast for this fiscal year has been revised upward. Operating cash flow is expected to also increase to a certain degree. As I will discuss in more detail later, we will determine the most effective ways to utilize this cash to improve corporate value, whether they may be investment to promote growth or distribution of shareholder returns. We will then develop various measures and execute them to avoid missing out on any opportunities. Next, I would like to go over K Line's investment plans. After being revised upward in May, the investment plan amount is now JPY 740 billion. There are currently no plans to change this, and we are steadily moving ahead with various projects. We would like you to understand that our investment is progressing smoothly, as we announced in May. The next topic is achieving the optimal capital structure.
In terms of the optimal capital structure for improving corporate value, we have long believed that it is necessary to thoroughly determine the points for K Line's own businesses and Containership Business in achieving the optimal capital structure with both financial soundness and capital efficiency, and this investigation is currently underway. Although we cannot provide any specific figures at this point, we are currently conducting various internal investigations and continue to treat this as a priority issue. I mentioned shareholder returns earlier, and now I would like to go into more detail with the next slide. In order to improve our corporate value, we aim to achieve an ROE of 10% while maintaining a P/B ratio of 1.0 or more. In order to steadily achieve these goals, we are investigating options not only for investment and growth, but also for achieving optimal capital structure and distribution of shareholder returns.
Please note that the depth of these investigations has increased recently. C2. Capital policy. Shareholders' return policy. Let's look at our shareholders' return policy. As I mentioned earlier, we expect operating cash flow to be somewhat higher than initially anticipated. While taking into account the current situation, we are thoroughly investigating without delay our options concerning investment cash flow and shareholder returns, including the expected increase in operating cash flow. Once determined, we will immediately announce and implement our plans. At this point, the total amount of planned shareholder returns for the entire medium-term management plan period remains unchanged at JPY 700 billion or more. To increase shareholder value, we are committed to actively distributing appropriate dividends and performing share buybacks in a flexible manner. We are investigating the best ways to return JPY 700 billion or more to shareholders while taking into account the higher-than-expected cash flow that I mentioned.
In May, we announced that our annual dividend would be JPY 85, with interim and year-end dividends of JPY 42.5 each. We have decided to proceed with this without making any changes at this time. Regarding share buybacks, we indicated in May that we would acquire up to JPY 100 billion in share value, or 39,556,000 shares. As announced on July 24th, the buyback process is now complete, since we purchased the maximum number of shares. Based on this completion, the actual purchase amount was JPY 90.9 billion, which is approximately JPY 10 billion less than the initial target of JPY 100 billion. As already announced, the acquired K Line shares are scheduled to be canceled on August 7th. As I mentioned earlier, the shareholder return amount for the entire medium-term management plan remains unchanged at JPY 700 billion or more.
In May, we announced that we would continue to investigate an additional flexible return of at least JPY 50 billion, and that we would pay dividends of JPY 85 per share in fiscal 2025 and 2026. To reiterate, we will consider cash allocation options as soon as possible, including additional shareholder returns delivered in a flexible way. This will take into account the current operating cash flow situation and the recent share buyback that totaled JPY 90 billion. Finally, we will investigate further shareholder returns very carefully. As indicated on the bottom of this slide, K Line will always be aware of the optimal capital structure, ensure the investments necessary to improve corporate value, and maintain financial soundness. Moreover, regarding the portion exceeding the appropriate capital, we will actively consider shareholder returns, including share buyback based on cash flow. C3. Changes in the business environment.
Looking at the business environment, macro dynamic changes are occurring in areas such as geopolitics and the global economy. There are trends such as inflation and economic decoupling based on geopolitics, as well as more recent global economic trends like interest rates. National energy policies that focus on decarbonization and emissions reduction are also affecting the business environment. As a shipping company, we understand that these can have a huge impact on our business management and results in many ways. We will continue to monitor the situation closely and take any necessary measures.