Annual profits have fallen more than five per cent for Birmingham International Airport - reflecting a " challenging year of transition" for the business.
BIA said that profits after tax for the 12 months to March 31 - after allowing for one-off costs of £2.3 million associated with restructuring parts of the business - were down by 5.5 per cent to £18.8. million. Turnover rose by 0.1 per cent to £110.2 million.
The airport added that the demise of airline duo, combined with other route and frequency reductions, resulted in a 4.4 per cent fall in passenger traffic from 9.2 million to 8.8 million passengers.
In the final months of the year, however, the introduction of new airlines and routes resumed a pattern of growth in what continues to be a very competitive market place.
Total income increased to just over £110 million, with a strong performance in commercial activities offsetting the reduced aeronautical income from lower activity.
Operating profit fell by £3.1 million to £34.2 million, while profits before tax was down by £ 1.8 million to £29.1 million. Chairman John Hudson said: "The year has been one of transition."