Yes underlying NPAT might be only $20 to $25mil for the 6 months to 30June considering revenue in the TV division probably fell from $562.4mil in 2HFY15 to $510mil in 2HFY16. NPAT for 2HFY15 was $51.2mil and after taking out the Nine Live contribution, having sold off that division last year, then a much lower result for 2HFY16 is very likely given the steep revenue drop.
It's looking increasingly likely that paying an 8c dividend with the first half result was a ridiculous decision as there could be only a 2c final dividend with the full year result.
So if they report underlying earnings of around NPAT $100mil for FY16 - there should be some hope they can maintain those earnings in FY17 and pay 10c per annum in dividends($87mil) as they have no debt.
Shorts are holding, page-24
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