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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.
This is Masu, the CFO. Thank you very much for taking time out of your busy schedule to join us today for the announcement of our financial results for the third quarter of fiscal 2020. I will first give you an overview, which will be followed by details by Mr. Nouchi, General Manager of the Corporate Accounting Department.
Consolidated net income for Q3 fiscal 2020 decreased by JPY 204.2 billion year-over-year to JPY 169.1 billion. The progress made against the August outlook of JPY 200 billion was 85%.
Now please turn to Page 1 of the presentation. First of all, regarding year-over-year fluctuation, please refer to the box on the lower left. Despite our rebound from loss related to crude oil trading derivatives at the trading company in Singapore recorded in the same period last fiscal year, profits decreased by JPY 204.2 billion year-over-year due to the widespread impact of COVID-19. As we explained in Q2, with sluggish commodity prices, profits decreased in the Australian metallurgical coal business and LNG-related business. And in addition, profits fell sharply mainly in the automobile-related business against the backdrop of a global decline in demand.
Next, I'd like to explain the progress against the forecast for the year. Please refer to the bottom right box. Consolidated net income for the 3 months of Q3 was JPY 82.4 billion, a steady recovery trend from the JPY 50 billion in Q2 on a 3-month basis. This is due to demand recovery, mainly in the automobile and salmon farming businesses as well as due to Eneco, the Dutch integrated energy company that we acquired in March last year. That started to contribute to profits during the winter season when demand for electricity increases in other factories such as capturing demand from staying-at-home trends and cost reduction. As a result of these factors, the progress against the forecast of the year as of the third quarter was 85%. There is no change in the forecast for the dividend.
In summary, although the business environment surrounding our company, including the prolonged COVID-19 crisis remains uncertain, the financial results showed a steady recovery trend mainly in the business-related sector. Due to the structural reform, expenses expected to be posted at Mitsubishi Motors Corporation in the fourth quarter and in light of the uncertainty related to the subsiding of COVID-19 and the possibility of reviewing the value of our assets after assessing demand trends and changes in the business structure, therefore, our forecast for the full year forecast for the consolidated net income remains unchanged. With an eye on the next year and beyond, we are determined to withdraw from unprofitable businesses and continue to work with a sense of urgency.
This concludes the general explanation. Next, Nouchi, General Manager of the Corporate Accounting Department, will provide a detailed explanation focusing on the status by [indiscernible]...
I'm Nouchi, the General Manager of the Corporate Accounting Department. I would like to add a few points. I will start by explaining the results for the third quarter by segment.
Please turn to Page 2. I'll keep my comments focused on main factors of fluctuation. Natural Gas net income decreased by JPY 48.6 billion year-over-year to JPY 16.6 billion from JPY 65.2 billion. This was due to decreases in dividend income and earnings in the LNG-related businesses.
Industrial Materials net income decreased by JPY 19.4 billion year-over-year to JPY 1.2 billion from JPY 20.6 billion. This was due to decreases in earnings in the steel business and a decline in business income in the carbon business.
Petroleum & Chemicals net income turned positive to JPY 22.4 billion, an increase of JPY 42.5 billion year-over-year from JPY 20.1 billion. This was due to the rebound from losses related to crude oil derivative transactions at the crude oil and petroleum products trading company in Singapore, which were recorded in the previous fiscal year.
Mineral Resources net income declined by JPY 61.5 billion year-over-year from JPY 116.3 billion to JPY 54.8 billion. This was due to decreased market prices in the Australian metallurgical coal business.
Industrial Infrastructure net income was JPY 17.4 billion, a decline of JPY 19.9 billion year-over-year from JPY 37.3 billion. This was mainly due to the reversal of one-off gains from the acquisition of Chiyoda Corporation, which were recorded in the same period of last fiscal year and onetime losses in the commercial vessel business.
Next, I would like to move on to the right-hand side of the page. Due to the impairment loss on Mitsubishi Motors Corporation and lower earnings of affiliates, the Automotive & Mobility segment recorded a loss of JPY 8.7 billion, a year-on-year decline of JPY 49.4 billion from JPY 40.7 billion.
Next, Power Solutions, which is the third segment down, reported a loss of JPY 400 million, a year-on-year decline of JPY 28.9 billion from JPY 28.5 billion. This was due to the absence of gains on the sales of overseas power generation assets and other assets and an increase in deferred tax liabilities due to the tax reform in the Netherlands.
Finally, Urban Development decreased year-on-year to JPY 10.9 billion, an JPY 18 billion decrease from JPY 28.9 billion. This was mainly due to the impairment losses in the aircraft leasing business, a decrease in equity and earnings of affiliates and deterioration of fund valuation gains.
Please move on to Page 3. I will now explain the state of cash flows. On the right side of the bar graph, please see the cash flows for the third quarter of FY 2020. Underlying operating cash flows in gray was inflow of JPY 446.9 billion, and investing cash flows in orange with outflow of JPY 314.9 billion, resulting in a combined adjusted free cash flow of JPY 132 billion in inflows.
For the main breakdown of the investing cash flows, please refer to the orange area in the middle of this slide on the right-hand side. Cash outflows were JPY 581.3 billion, mainly due to the acquisition of the customer base for the Power Retail business in the European Integrated Energy business; investment in HERE Technologies, a location-based service company; as well as investment in loans in the LNG-related business, Australian metallurgical coal business, North American and real estate business and copper business. On the other hand, cash inflows were JPY 266.4 billion due to sales of listed securities and others and collection of investment in the North American real estate business and North American shale business. Net investing cash flows, therefore, were JPY 314.9 billion in outflows.
Next, on Page 4, you will find reference market conditions which summarizes the assumptions underlying the market conditions for your reference later. This concludes my explanation. [Statements in English on this transcript were spoken by an interpreter present on the live call.]