Auckland International Airport has announced a first half profit increase of 451%, pointing to improved passenger volumes and a net profit of NZ$.54m ($37m) in the six months to December 31, 2009.

This compared with a NZ$.9.8m ($6.8m) net profit in the previous year, when it had to write down NZ$.41.8m ($29.1m) on the reduced value of its land holdings.

As New Zealand's main international gateway with about 70% of arrivals and departures, Auckland declared an interim dividend of 3.75 cents per share, which was unchanged from last year.

Management points out that the result was in line with last month's guidance with earnings before interest, tax, depreciation and amortization (EBITDA) flat at NZ$.138.8m ($96.8m).

The company last week agreed a NZ$.126m ($87.9m) loan to help pay for a 24.5% stake in two Australian airports.