New Zealand’s largest airport Auckland International Airport has recorded a net profit above analysts' expectations and its own original guidance.

The listed company reported profit after tax, excluding one off items and fair value changes, of $105.5 million for the year to June 30.

Its revenue was down 1.4% to $363.1 million, and its capital expenditure dropped by a substantial 38% to $54.3 million.

The New Zealand sharemarket fell for a third consecutive day today as investors continued to be cautious ahead of the reporting season.

Auckland Airport successfully completed the institutional part of its capital raising with 99% of its institutional shareholders taking up entitlements. Its shares will resume trading on Tuesday.

Hallenstein Glasson, which reported first-half sales were up 6.7% on a year ago and signalled its interim profit will be up 50%, rose 35c, or 10.8%, to $3.60.

Auckland International Airport (NZX: AIA) has negotiated a new bank facility as its November figures show strong growth in travellers from Australia.

The new $150 million standby facility is being provided by Bank of Tokyo-Mitsubishi UFJ and matures on March 10, 2013.

It replaces a syndicated $100 million standby facility, which was due to mature on March 10, 2010.

Despite a drop in the number of both domestic and international travellers, analysts expect Auckland International Airport results due out tomorrow to be resilient.

The year ending 30 June 2009 saw the number of travellers drop and the value of investment property and land plummet but the redevelopment of the Auckland International Airport’s retail area is underway and Tainui Group’s $65 million Novotel is to go up on the airport land in time for the Rugby World Cup.

While not a traditional defensive stock, Auckland International Airport can lay claim to offering investors a relatively safe harbour from the global economic gloom so far.

Its share price has proved resilient – increasing more than 15% so far this year, while the market and other blue chips have tanked – and the company’s interim results show its income streams are continuing to grow despite tough conditions.