Annual profit at Christchurch airport is down 6% after the loss of nearly 500,000 passengers since the earthquakes.
The airport company made an after tax profit of $18.4 million for the 12 months to the end of June.
Chief executive Jim Boult said it wasn't a bad result, given the huge drop in passenger numbers.
Passenger traffic is showing signs of picking up, and will be further boosted by Air New Zealand's plans to more than double the number of charter flights from Japan this summer, with 22 of the 29 flights going direct to Christchurch.
An extra 6000 Japanese visitors are expected as a result, and Singapore Airlines also plans to boost flight numbers.
Mr Boult said the future was looking brighter thanks to the increasing passenger numbers - both international and domestic - and plans for new commercial and retail precincts for the airport.
Christchurch City Council owns three quarters of the company, with the government owning the rest.