Turnover at the DAA was effectively flat during the 2011 at E557 million, while Group profit declined by 9pc to E30 million, though it remains "resilient" in continuing tough conditions, it said today.

"In the context of a weak economy, both in Ireland and our key overseas travel markets, the Group had a satisfactory financial performance last year," said DAA Chairman Padraig O Riordain.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 9pc to E160 million in 2011, boosted by improved aeronautical revenue and a continued focus on cost reduction.

Costs were reduced by 1pc to E275 million, despite the inclusion of a full year's operation of the award-winning Terminal 2 facility at Dublin Airport for the first time. DAA has reduced its total costs by 11pc since 2008 through prudent management of both its payroll and non-pay costs.

"We doubled terminal and boarding gate capacity at Dublin and simultaneously reduced our overall costs to 2005 levels, which is a significant achievement," according to Mr O Riordain. "We will continue to take further steps to reduce our cost base," he added.

DAA's net debt was reduced by E30 million to E735 million in 2011 and the company redeemed or repurchased E300 million worth of its bonds during the year. "We have a strong liquidity position and are funded until 2018 based on current requirements," according to Mr O Riordain.

Total passenger numbers at Dublin, Cork and Shannon airports increased by 1pc last year to 22.7 million, as international traffic grew by 2pc. Domestic air travel within Ireland continued to experience significant declines.

Dublin Airport welcomed 18.7 million passengers during 2011, a 2pc increase on the previous year. Passenger numbers in Cork declined by 3pc to 2.4 million, while passenger numbers at Shannon declined by 7pc to 1.6 million. International passengers at Dublin and Cork increased by 3pc last year.