Auckland International Airport Ltd is being cautious about its prospects for the year ending June next year.
The company says investors should expect an increase in underlying net profit of between 4% and 10.5% from the $154 million it reported for the year just gone.
That was an 11% increase on the previous year and it beat both the company's and analysts' forecasts
It came on the back of a 1.7% rise in international passenger numbers.
Because the number of tourists from some parts of the world are down, while numbers from other countries are growing strongly, chief executive Adrian Littlewood said it's difficult to predict the outcome.
He said traditional markets such as Europe have been softening over the past few years and remain soft.
But there is strong growth emerging out of Asia.
He said there is a sense of positive momentum with recent announcements about increases in passenger capacity into Auckland in particular.
Mr Littlewood said the number of international passengers grew by almost 9% in the first few months of this year.
AIA reported a $178 million annual net profit, up 25%, and it lifted its dividend by more than 14% to 12 cents per share for the year.