Can't be certain that the interim will only be half the maiden final last year. The announcement stated that they are to maintain an appropriate payout ratio which is yet unquantified.
If based solely on last year 12 cent div on $88m NPAT then the 7c will be half and the final might might be that again for little increase overall.
But with positive cashflow and no debt, the payout ration maybe say 55% of full year NPAT which could be $65m for 07/08 rising to $90m for 08/09 all things being the same other than the once off hedging loss out of the equation.
On this speculation, the total year div for 07/08 might be closer to 19c in which case the interim is on top of the final. And higher again for the following year if nickel prices, forex rate and mining output all remain about the same.
Just playing with numbers though!
SMY
sally malay mining limited
nice dividend, page-4
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