In innovation, incorporate development COCF decreased by JPY9.2 billion to JPY25.2 billion, mainly due to a decline in profit from commodity derivatives trading compared to the strong performance recorded in the same period of the previous fiscal year. Other factors such as expenses, interest, taxes, et cetera, which were not allocated to business segments totaled JPY18.1 billion. I will now explain the main changes in profit by segment compared to the first nine months of the previous fiscal year. Profit for the period decreased by JPY114.4 billion to JPY726.4 billion. In mineral metal resources, profit a decrease by JPY113.3 billion to JPY242.1 billion due to decrease in profit contribution following the sale of SMC, a meteorological co-business in Australia in the third quarter of the previous fiscal year and the following prices of mythological coal.
In energy, although we recorded a gain in LNG trading and again on an asset sale profit decrease by JPY95 billion to JPY95.8 billion, mainly due to a decrease in oil and gas prices as well as the impact of all production facility maintenance and a recording of prohibitions related to Arctic LNG 2. In machinery and infrastructure, although there was an impairment loss from mainstream profit increase by JPY79.1 billion to JPY210.2 billion, mainly due to the gain on sale of a European electric locomotive leasing business and multiple IPP businesses and good performance of multiple businesses such as VLI ships and industrial and construction machinery. In chemicals, although again on asset sales was recorded, profit decreased by JPY17.6 billion to JPY37.1 billion, mainly due to a falling process of fertilizers, fertilizer raw materials and feed additives.
In our steel products, profits decreased by JPY12 billion to JPY7.5 billion, mainly due to impairment loss at an associated company and a lower demand. In lifestyle, although, there was a swing back of the valuation gain on our farm, put options recorded in the same period of the previous fiscal year. Profit increased by JPY43.2 billion to JPY85.5 billion, mainly due to valuation gain on the fair value of aim services and good performance of the processed food business in North America. In innovation in corporate development, although valuation gain on the fair values for out use link was recorded, profits decreased by JPY12.7 billion to JPY37 billion, many due to a year over year decrease in profit from asset sales and a decline in profit from commodity derivatives trading compared to the strong performance recorded in the same period of the previous fiscal year.
Other factors such as expenses, interest access, et cetera, which are not allocated to business segments totaled JPY11.2 billion. This page shows the main factors influencing year-on-year changes in profit, base profit decreased by approximately JPY53 billion, although there were performance improvements mainly in the U.S. automotive business and LNG training, there was an increase in interest expenses, a decrease in profit contribution following the sale of SMC in the previous fiscal year, and lower profit from trading mainly in chemicals. Resources cost volume resulted in a decrease of approximately JPY40 billion, mainly due to a decrease in production volume resulting from maintenance of a production facility in energy upstream businesses, an increase in fuel and labor costs in the mineral and metal resources businesses.
Asset recycling resulted in an increase of approximately JPY52 billion, mainly due to gains on the sale of MRCE, which is a European electric locomotive leasing business, and the U.S. Kaikias oil field and real estate. Commodity prices and Forex resulted in a decrease of approximately JPY68 billion. For commodity prices, profit decreased by approximately JPY78 billion due to lower oil and gas prices, and JPY25 billion due to a falling meteorological coal prices which resulted in a decrease of approximately JPY103 billion in total. For Forex profit increase by JPY35 billion mainly due to weaker yen. Finally, for valuation, gain loss and special factors, profit decreased by approximately JPY5 billion mainly due to the impairment of mainstream, an additional provision for Arctic LNG 2.
Here we have a comparison of full year forecast and the previous forecast with a summary of the factors involved. Base profit is expected to increase by JPY28 billion, although we made a downward revision relating to chemicals due to the influence of the slowing of the economy, the automotive industrial and construction machinery, and ships businesses, as well as the LNG trading has been conservatively estimated in the previous forecast, and the additional dividend income from Vale in Q3 should lead to higher profits. For resources cost volume, we expect profit to decrease by about JPY6 billion, mainly due to the decrease in production volume in iron ore operations in Australia. In asset recycling, although there was a gain on the sale of interest in the U.S. Kaikias oil field profit is expected to decrease by JPY19 billion, mainly due to the shifting timing of sale for the [Indiscernible] power generation business.
Commodity prices Forex is expected to generate a profit increase of about JPY21 billion, mainly due to an increase in INL prices. Finally, for valuation gain, loss, and special factors mainly owing to impairments in the first nine months, we expect a decrease of about JPY14 billion. Now let’s take a look at the balance sheet, as of the end of the first nine months of current fiscal year. Compared to the end of March, 2023, net interest-bearing debt increased by about JPY0.1 trillion to JPY3.33 trillion. Meanwhile, shareholder equity increased by about JPY0.7 trillion to JPY7.1 trillion. As a result, net DER was 0.47x. That concludes my presentation.
End of Q&A:
