results

Net loss at $26.7m only $1.4m more than prospectus. Considering the delay in getting Darwin up to full speed and the adverse movements in feedstock prices and $A I consider that a pretty good outcome so far, not counting the impairment charge of $21.1m against the US operations of course.

Of concern is the timing for the upcoming commissioning of the Singapore plants, in the prospectus they were due for commissioning in the 2nd quarter, recently this was pushed back to January, 2008, now they are saying "3rd quarter". Whilst January is in the 3rd quarter the fact that they have gone from specific to general makes me think they are running further behind schedule.

Sounds like the Darwin plant won't be capable of running at full capacity until the end of 2007. Even with the capacity problems NFL's half share resulted in a loss of only $1.6m, presumably this will change into profit once the plant is operating at, or close to, capacity.