AIA reported earnings before interest, tax, depreciation and amortisation of $280.3 million for the year ended June, up 3.4% on the previous corresponding period (pcp).
Profit after tax was up 2.4% at $106.2 million.
However, the reported profit fell 63.1% to $41.7 million after $64.5 million of abnormal items were accounted for.
The abnormal items related to a fall in the valuation of the company's investment property portfolio.
Mr Young said AIA had a sound balance sheet and the likelihood that New Zealand's longer-term tourism growth outlook remained intact made it a long-term investment.
"The near-term remains challenging, due to the impact of the slowing domestic and global economy and regulatory uncertainties. But this result highlights its defensive qualities."
At first glance, the result looked to be slightly better than expected and there were signs that new management efforts of improving cost structures and efficiency were coming through, Mr Young said.
The trading environment remained tough and 2010 would be significantly affected by the major refurbishment and redevelopment of the international departure retail precinct.
However, AIA would come through well positioned for any recovery in travel in 2011-12.
AIA chief executive Simon Moutter said the company's growth strategy unveiled in March was now well under way and influencing business performance.
Revenue growth of 5.2% to $369.2 million, and reduced capital spending of $87.5 million reflected efforts to focus on key markets, work harder with customers, drive greater yield and tightly manage ongoing operational and infrastructure costs.
Total passenger movements fell 1.4% to 13 million, with international including transits and transfers down 1.4% to 7.36 million and domestic down 1.5% to 5.65 million.
The decline came after years of seemingly unrelenting growth, and during a time of "extraordinary" global uncertainty with the airline sector under severe pressure from changing industry dynamics, he said.
Total aircraft movements were down 1.8% over 2008 to 156,781.
International movements were up 4.4%, but domestic down 3.8%.
A final dividend of 4.45c per share is to be paid, compared with 2.45cps last year.
The total dividend for the year is 8.2cps.
For the 2010 financial year, the company said it expected net profit after tax, excluding any fair value changes and other one-off items, to be in the range of $93 million to $100 million.
The airport said forecasting was difficult when global travel demand conditions were unstable and passenger volume growth remained uncertain.
But it was looking forward hopefully, saying the current downturn would not last forever, and if previous experience was an indication, the industry should in time bounce back to robust growth.
