Noida Toll sees earnings dip after asset life revision

A revision of asset life resulted in a reduction in earnings for Noida Toll Bridge on Thursday, as the company updated the market on the first nine months of its financial year.

The AIM-listed operator of highways in India reported income from operations of INR 972.57m (£9.98m) in the nine months to 31 December, and a profit before tax of INR 451.93m compared with INR 606.95m in the corresponding period a year earlier.

"The reduction in profit before tax is primarily on account of a change in the useful life of the intangible assets and buildings, which was revised to 30 years", the company's board said in a statement.

Noida Toll said that, owing to the reversal of its deferred tax liability, the profit after tax for the nine month period was INR 642.53m, an increase of 9.8% over the corresponding period a year earlier.