For those of you unable to listen to the entire call at this time, a recording will be available via webcast for 90 days at our Investor Relations section of our site at www.trinasolar.com.
And with that, it’s my pleasure to turn the call over to Trina Solar’s Chairman and CEO, Mr. Jifan Gao.
Thank you, Thomas, and thank you everyone for joining us today. First, I’d like to wish everyone a happy 2012, and a year (inaudible). Despite a strong demand in our existing and in new country markets, total module capacity and the high inventory levels in this country lower than market price in the fourth quarter.
As our quarterly cost reduction was not sufficient to offset low ASPs, this adversely affected our profitability. During the quarter, our end markets continued to evolve whereas our revenue outside Europe exceeded half of our global total for the first time. We believe this improved geographic sales mix, would position us later to achieve the future growth in both sales and income as cost drops and ASP stabilize.
In 2012, we are – by increasing demand from China and Europe. And the increase in either for our higher value products in Europe as well in emerging markets we are currently working and preparing for growth.
To differentiate our offerings and brand, we are focused to [some] delivery of our innovative and efficient products and service through enhancing customer value, while improving end-user solution, we are meeting our customers’ needs and are very well positioned to capture future growth opportunities in the PV market.
This solution include our Honey technology-based modules which is successful for establishing them (inaudible) of scale. Our system cost savings (inaudible) which has been very well received in three companies. Our packaged design service offerings and other new product to be not under in 2012. Looking forward, we expect the global solar industry is well poised to experience a long-term growth. We also believe future consolidation of smaller solar companies would occur, which will enhance our position as a top tier manufacturer of higher quality innovative solar products. We also received [earnings] of increasing solar demand in new market through government support or utility mix.