Auckland International Airport's half year profit has dropped almost 80% due to falling property valuations.
Its profit for the six months to December fell 79% to $9.8 million dollars, compared to $47.6 million a year earlier.
The dramatic fall was due to a $41.8 million drop in the valuations of its land holdings.
When that factor is excluded, Auckland International Airport's underlying profit rose 8.3% to $51.6 million largely due to an 8% increase in revenue from divisions including the carparking and rental businesses.
Chief executive Simon Moutter says the underlying profit performance is in good shape and the company has so far been resilient to the downturn.
The company says its full year profit is likely to come in at the lower end of a forecast range of $100 million to $110 million.