Good morning. My name is Lia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Second Quarter 2016 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session [Operator Instructions]. Thank you. David Rudnick, you may begin.

Thank you, Lia. Good morning, ladies and gentlemen, and good evening to those of you who are joining us from China. Welcome to China Ceramics second quarter 2016 earnings conference call. With us today are China Ceramics' Chairman and Chief Executive Officer, Mr. Jia Dong Huang; and its Chief Financial Officer, Mr. Edmund Hen. Before I turn the call over to Mr. Huang, I remind our listeners that during this call, management's prepared remarks contain forward-looking statements which are subject to risks and uncertainties and management may make additional forward-looking statements in response to your questions. Therefore, the company claims protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those discussed today. Refer to more detailed discussion of the risks and uncertainties in the company's filings with the Securities and Exchange Commission. In addition, any projections as the company's future performance represent management's estimates as of today, September 28, 2016. China Ceramics assumes no obligation to update these projections in the future as market conditions change. To supplement the financial results presented in accordance with U.S. GAAP management will make reference to earnings before interest, taxes, depreciation and amortization which we will call by its abbreviated name EBITDA. EBITDA is a non-GAAP financial measure reconciled from net income, which the company believes provides meaningful additional information to better understand its operating performance. A table reconciling net income to EBITDA can be found in the earnings press release issued earlier today. And now, it's my pleasure to turn the call over to China Ceramics’ Chairman and CEO, Mr. Jia Don Huang; and China Ceramic's CFO, Mr. Edmund Hen. Wei Shi Dai will be translating for Mr. Huang. Mr. Huang, you may proceed.

Thank you, David. On behalf of the company, I would like to welcome everyone to our second quarter 2016 earnings conference call. For the second quarter of 2016, we experienced continued challenging market conditions, due to the continued slowing in the real estate and building materials sectors. Sales volume declined 21% as compared to the year ago quarter and fell 31% for the first six months of 2016 as compared to the year ago six months. However, income derived from a lease contract and a lower tax rate enabled us to achieve a 22% increase in net profit in the second quarter as compared to the second quarter of 2015. Further, our cash flow remained reasonable as we continue to operate in a lean manner and are more focused than ever on generating income. During the second quarter, we utilized production facility capable up to producing 27 million square meters of ceramic tiles per year out of a total annual production capacity of 72 million square meters. However, in order to generate cash flow, we have entered into a contract to lease out an ideal production line in our Hengdali facility that has a capacity to produce 10 million square meters of ceramic tile. As we have in past quarters, we maintained reduced utilization of existing plant capacity based on the current market environment in order to keep our operating cost low. And we will bring additional capacity online as the business environment improves. For the remainder of 2016, we anticipate a slowdown as compared to last year. In our view, the building material sector has become more cyclical than usual as unsold real estate as yet to be worked through their strategic channels which have limited new construction projects. In a long-term, we believe that real estate will continue to be vital to China's economy as it is underpinned by the urbanization which is essential for domestic growth. We are well positioned to capitalize on an eventual rebound in the sector as many smaller competitors have exited the space. With that I would like to turn over the call to the company’s Chief Financial Officer, Mr. Edmund Hen who will discuss the company’s second quarter earnings results in more detail. Thank you.

Thank you, Mr. Huang. I will now move on to a more detailed discussion of our financial results for the second quarter of 2016. Our revenue for the second quarter end June 30, 2016 was RMB206.5 million or US$31.1 million, a decrease of 20.6% from RMB260 million or US$41.9 million in the second quarter of 2015. The year-over-year decrease in revenue was primarily due to a 21.2% decrease in sales volume to 6.6 million square meters of ceramic tiles from 8.4 million square meters of ceramic tiles in the year ago quarter. This was slightly offset by 0.6% increase in average selling price to RMB31.2 per square meters from RMB31 per square meter in the year ago quarter. Gross profit for the second quarter ended June 30, 2016 was RMB32.2 million or US$4.8 million, a decrease of 10.1% from RMB35.8 million or US$5.8 million in the year ago quarter. The gross profit margin was 15.6% for the second quarter compared to a gross profit margin of 13.8% in the year ago quarter. The improvement in gross margin was primarily driven by a 22.3% decrease in the cost of sales attributable to a decrease in depreciation due to the company's taking an asset impairment charge in the fourth quarter of 2015 that reduced the value of the company plant, property and equipment, and a 0.6% increase in average selling price. Other income for the second quarter ended June 30, 2016 was RMB5.3 million or US$0.8 million as compared to RMB0.3 million or US$0.04 million for the second quarter of 2015. The year-over-year increase in other income was mainly due to a RMB3.5 million or US$0.5 million of rental income received from the company leasing out one of the production lines from its Hengdali facility pursuant to an eight year lease contract,…