Payout ratio is an issue. From memory DPS was higher than EPS by about 1.5c per share for the six months. Annualised you can do the math so clearly the results need to improve to sustain that dividend.
They can't keep paying dividends out which total more than earnings for any significant period of time.
One caveat to this was an apparent lag in NBN payments to TLS. If the NBN payments were up to date this may have corrected the ratio but this is a definite "maybe" as I'm not certain exactly how much money will be flowing into TLS behind schedule as more people sign up to the NBN. Is it 1.5c per share? I just don't know.
This was the thing that jumped out at me from the recent results and IMHO is the single biggest reason we continue to see TLS sold down so hard.
6.7% Dividends, page-23
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