For our current commercial environment, we are focusing in the following areas: One, expand our geographic presence and the sales channels in the new growth markets such as recently added local operations in Canada, Latin America and the Middle East as well as Japan and South Africa.
Two; market to increasing the segments and the sales channels to expand the total customers with each business through successful efforts which include our expanding Partner Plus Program and the technology driven products like Honey and Trinasmart.
Three; in operational and financial area, managing inventory levels, have great effects in AR collections and to control OpEx.
Four; maintaining our leading manufacturing cost efficiencies. We view these specific areas together with maintaining our balance sheet strength will ensure our industrial leadership and our industrial works through consolidation.With that, I would now like to turn the call to our CFO Terry Wang to share our second quarter 2012 financial results. Terry?Terry Wang
Thank you Mr. Gao and welcome everyone to our earning conference call. I would like to present our overview of our second quarter financial results followed by company’s guidance for the third quarter and full year of 2012.Average Selling Price of PV modules continued to decline in the second quarter due to worldwide production overcapacity, reduction in feed in tariffs programs and the falling raw material costs. To outperform in such a market conditions we work to further lower our non silicon manufacturing cost which were to $0.50 in the second quarter on improved supply chain and production management. In addition, the company minimized its provisions related to US ADCVD tariffs compared to the first quarter.On the other hand, inventory write-down and accounts receivable provisions adversely impacted our bottomline results. Second quarter shipment was 419 megawatts, in upper-end of our revised guidance of 380 megawatt to 420 megawatts representing approximately 10% of higher volume sequentially.
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