Auckland Airport has posted a steady result and remains optimistic about the future of air travel despite the Middle East conflict. It is telling customers that the next 18 months will be the "most intensive phase" of its terminal redevelopment.Key numbers for the 12 months ended June compared with a year ago:Net profit after tax $334.7m vs $420.7mRevenue $1.04b vs $1.0bUnderlying profit after tax $309m vs $310.4mPassenger numbers 19m vs 18.7mCapital expenditure $1.07b vs $1.09bFinal dividend 6.75 cents per share vs 7 cpsIts bottom line profit fell 20 percent due to lower investment property revaluation gains, but leaving aside one-offs, its preferred underlying profit measure was flat at $309 million.The airport said the second half of the year saw airlines reduce capacity in response to high fuel prices, while consumers became more cautious. It said seat capacity fell 6 percent from planned levels in the final four months of the year.Overall passenger numbers were up slightly, with international passenger numbers rising 1.6 percent to 10.5m (including transits), and domestic passenger numbers up 1.7 percent to 8.6m.Carrie HurihanganuiSupplied / Greg Bowker"We have managed through the fuel situation with discipline, while continuing to build the airport infrastructure and support the operational resilience New Zealand's gateway airport will need for the decades ahead," Auckland Airport chief executive Carrie Hurihanganui said.Airfield income and passenger services charge income were up 9 and 4 percent respectively, while retail income fell 4 percent, and investment property rental income rose 5 percent.Hurihanganui said the airport was "optimistic about the future, with strong underlying demand for air travel for the upcoming summer peak travel period, and ongoing momentum in our commercial business".But the US-Iran war and the ensuing global oil shock meant a degree of caution was needed, with the airport forecasting underlying profit of between $290m and $330m for the year ending June 2027."We continue to take a cautious approach in the near term with the current fuel price volatility and geopolitical instability impacting airlines and demand for travel, with flight and passenger volumes expected to be relatively flat in FY27," Hurihanganui said.Airport build at 'peak phase'Auckland Airport said its massive infrastructure upgrades will see capital expenditures of between $1 billion and $1.3b in the 2027 financial year.The 2026 financial year saw $1b worth of assets commissioned, including the opening of the 250,000-square metre northern airfield expansion, and major stormwater improvements."We are in the peak investment phase of the aeronautical infrastructure development programme," Hurihanganui said."Construction within a live operating environment brings real challenges, and for the next 18 months we will be moving through the most intensive stage of the build inside the international terminal."Hurihanganui said the airport would work to minimise disruption during the phase but passengers would face disruption in the check-in area in particular."There will be disruption, but we believe we've managed that disruption and customer journeys really successfully over the past couple of years," she said.She said extra staff and signage would be in place to help passengers, and it would "proactively" inform passengers about changes.