Hawke's Bay Airport passenger numbers are the highest on record and profits up on last year.
In his report on the financial year, chairman John Palairet said passenger numbers continued to rise "surpassing the previous highest achieved in 2008 and reaching 451,128, an increase of 2.3 per cent on the previous year."
Profit before tax for the year to June 30 was $1.55 million - up from $1.13 million the previous year.
Revenue was $3.64 million, up from $3.07 million.
"Revenue increased by 19 per cent mainly due to increased landing charges and car parking, while operating expenses increased by only 5 per cent, mainly due to depreciation, electricity charges, staffing and insurance premiums, offset by reduced consultancy," Mr Palairet said.
A dividend of $326,300, the airport company's first in its four-year existence, was paid to its shareholders: Central government (50 per cent), Napier City Council (26 per cent) and Hastings District Council (24 per cent).
"Physical development of the business park commenced in July 2012, with the relocation of the smaller Farmers Air hangar and moving the doors to the southern end of larger hangar to enable the [business park anchor tenant] ABB building to be constructed, while preserving airside access for Farmers Air.
"A new road was constructed, with power cables, fibre optics cables, water and sewer connections connections to the site."
The board approved the construction of a new building for the Napier Aero Club and aircraft from three hangars after it proved "impracticable" to move the existing buildings.